New York's Wealthiest Are Moving Out

Yeah, the Republican tax plan is a boon to the wealthy. How about those wealthy New Yorkers, who want to move away to pay lower taxes? The solution to New York is quite simple: Raise taxes on whoever remains.

https://www.yahoo.com/finance/video/yorks-wealthiest-threatening-mass-exodus-213717626.html

Next up, California and Hollywood moving to Mississippi.

Voting with their feet.

I'd observe that this was already well underway before the GOP tax plan became a bill working its way through congress.

Uh, that's a realllllllly short article.

Short on substance and facts, that is. Is it a pay site? Is that why I can only see a tiny bit of it?


New York's wealthiest are threatening a mass exodus because of the GOP tax plan

Yahoo Finance Video•December 15, 2017

Wall Street tax expert Robert Willens, president of Robert Willens LLC, has never heard more discussion from wealthy New Yorkers about relocating to another state with a more favorable tax environment until now because of the GOP tax plan.


That is literally the extent of the article that I can see.

https://www.theguardian.com/inequality/2017/nov/20/if-you-tax-the-rich-they-wont-leave-us-data-contradicts-millionaires-threats
In other words, wealthy people will threaten to move away if you raise their taxes but they generally won't.

MrPeanut said:

https://www.theguardian.com/inequality/2017/nov/20/if-you-tax-the-rich-they-wont-leave-us-data-contradicts-millionaires-threats
In other words, wealthy people will threaten to move away if you raise their taxes but they generally won't.

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I realize you guys are in denial about companies moving overseas due to taxes. It's easier for you to try claiming it is the cheap labor. Sure, many companies do move overseas due to cheap labor BUT many other companies also move overseas to avoid the US high tax rates.

Critter7r said:

Uh, that's a realllllllly short article.

Short on substance and facts, that is. Is it a pay site? Is that why I can only see a tiny bit of it?


New York's wealthiest are threatening a mass exodus because of the GOP tax plan

Yahoo Finance Video•December 15, 2017

Wall Street tax expert Robert Willens, president of Robert Willens LLC, has never heard more discussion from wealthy New Yorkers about relocating to another state with a more favorable tax environment until now because of the GOP tax plan.


That is literally the extent of the article that I can see.

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I think they have changed what I linked to. I remember a longer article and no video. Oh well.

Moderate Right said:

I realize you guys are in denial about companies moving overseas due to taxes. It's easier for you to try claiming it is the cheap labor. Sure, many companies do move overseas due to cheap labor BUT many other companies also move overseas to avoid the US high tax rates.

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Except they don't pay those high rates, that is just a myth. Effective rates are comparable to the rest of the world. Cutting Corporate taxes EVEN LOWER is nothing but a give-away to the 1% and the bill will go to the rest of us.

iguanaman said:

Except they don't pay those high rates, that is just a myth. Effective rates are comparable to the rest of the world. Cutting Corporate taxes EVEN LOWER is nothing but a give-away to the 1% and the bill will go to the rest of us.

Click to expand...

Yeah. Yeah. Yeah. I know the lefty propaganda talking points frontwards and backwards. No need to tell them to me for the one millionth time.

Moderate Right said:

Yeah. Yeah. Yeah. I know the lefty propaganda talking points frontwards and backwards. No need to tell them to me for the one millionth time.

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But you don't remember them when you post those lies do you? Here's another chart showing how corporations are "overtaxed". LOL

iguanaman said:

But you don't remember them when you post those lies do you? Here's another chart showing how corporations are "overtaxed". LOL

Click to expand...

I remember you BS just fine. It never changes. Same ole, same old. Poor people good, rich people bad. Business owners are the evil devil who do nothing but prey on their employees for their own advantage. The left's jealousy gets old after a while.

MrPeanut said:

https://www.theguardian.com/inequality/2017/nov/20/if-you-tax-the-rich-they-wont-leave-us-data-contradicts-millionaires-threats
In other words, wealthy people will threaten to move away if you raise their taxes but they generally won't.

Click to expand...

For further reference, see Detroit.

iguanaman said:

Except they don't pay those high rates, that is just a myth. Effective rates are comparable to the rest of the world. Cutting Corporate taxes EVEN LOWER is nothing but a give-away to the 1% and the bill will go to the rest of us.

Click to expand...

Instead of taking the average how about actually looking at the effective tax rate of individual countries. The US while similar to UK or Germany is significantly higher than Mexico and Canada.

https://www.npr.org/2017/08/07/5417...e-the-highest-corporate-tax-rate-in-the-world

iguanaman said:

Except they don't pay those high rates, that is just a myth. Effective rates are comparable to the rest of the world. Cutting Corporate taxes EVEN LOWER is nothing but a give-away to the 1% and the bill will go to the rest of us.

Click to expand...

Not a myth


Key Findings:
The United States has the third highest general top marginal corporate income tax rate in the world, at 38.92 percent. Due to the recent reduction in Chad’s corporate tax rate, the U.S. rate is exceeded only by the United Arab Emirates and Puerto Rico.
The worldwide average top corporate income tax rate, across 188 countries and tax jurisdictions, is 22.5 percent. After weighting by each jurisdiction’s GDP, the average rate is 29.5 percent.
By region, Europe has the lowest average corporate tax rate, at 18.88 percent (26.22 percent, weighted by GDP). The G7 has the highest simple average, at 30.21 percent.
Larger, more industrialized countries tend to have higher corporate income tax rates than developing countries.
The worldwide average corporate tax rate has declined since 2003 from 30 percent to 22.5 percent.
Every region in the world has seen a decline in its average corporate tax rate in the past thirteen years.

It is well known that the United States has the highest corporate income tax rate among the 35 industrialized nations of the Organisation for Economic Co-operation and Development (OECD).[1] However, it is less well known how the United States stacks up against countries throughout the entire world. Expanding the sample of countries and tax jurisdictions to 188, the U.S.’s corporate tax rate of almost 39 percent is the third highest in the world, lower only than the United Arab Emirates’ rate of 55 percent and Puerto Rico’s rate of 39 percent. The U.S. tax rate is 16.4 percentage points higher than the worldwide average of 22.5 percent and a little more than 9 percentage points higher than the worldwide GDP-weighted average of 29.5 percent. Over the past ten years, the average worldwide tax rate has been declining, pushing the United States farther from the norm.

https://taxfoundation.org/corporate-income-tax-rates-around-world-2016/

iguanaman said:

Except they don't pay those high rates, that is just a myth. Effective rates are comparable to the rest of the world. Cutting Corporate taxes EVEN LOWER is nothing but a give-away to the 1% and the bill will go to the rest of us.

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The question is more, why tax the entities that invest and employ. That reduces investment and employment.

joG said:

The question is more, why tax the entities that invest and employ. That reduces investment and employment.

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Every tax on business ends up on a price tag. Every one. Working class people need to understand that.

joG said:

The question is more, why tax the entities that invest and employ. That reduces investment and employment.

Click to expand...

Please stop that foolishness. U.S corporations are experiencing record profits AFTER taxes and have trillions in reserves. Besides in what world is employment based on how much money they have? Employment is solely based on need which is based on demand. Demand is based on salaries which have been flat for 35 years. It appears the lower we tax the highest brackets the more greedy the wealthy get with raises. From these charts it appears the optimal top rate is about 70%. Less than that and management takes all the extra profits from productivity increases for themselves.

iguanaman said:

Please stop that foolishness. U.S corporations are experiencing record profits AFTER taxes and have trillions in reserves. Besides in what world is employment based on how much money they have? Employment is solely based on need which is based on demand. Demand is based on salaries which have been flat for 35 years. It appears the lower we tax the highest brackets the more greedy the wealthy get with raises. From these charts it appears the optimal top rate is about 70%. Less than that and management takes all the extra profits from productivity increases for themselves.

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Every time I see those charts I wonder if the people who put them together have any brain cells at all

Now I wonder what happened in the early 70’s that may have caused production to skyrocket? Hmmmmmmmm?

Could it be the mass production of computers? How many trillions have companies invested in technology since then? Constantly upgrading machines to make their workers more productive. We started with 18 column ledger pads in the accounting world, then moved to the initial spreadsheets, and now have progressed to excel.

And the jobs in my office that used to take four people now take one person less than a day. Should I pay that one person what the four people used to make because the owner invested in computers, software, and training for his employees?

Mine is just one way companies have increased efficiency and productivity. There are many others....I get paid to run my company as efficiently as possible....not to pay as many people as possible.

gdgyva said:

Every time I see those charts I wonder if the people who put them together have any brain cells at all

Now I wonder what happened in the early 70’s that may have caused production to skyrocket? Hmmmmmmmm?

Could it be the mass production of computers? How many trillions have companies invested in technology since then? Constantly upgrading machines to make their workers more productive. We started with 18 column ledger pads in the accounting world, then moved to the initial spreadsheets, and now have progressed to excel.

And the jobs in my office that used to take four people now take one person less than a day. Should I pay that one person what the four people used to make because the owner invested in computers, software, and training for his employees?

Mine is just one way companies have increased efficiency and productivity. There are many others....I get paid to run my company as efficiently as possible....not to pay as many people as possible.

Click to expand...

You are not alone but believe it or not there was a time when all income groups incomes moved pretty much in unison and CEO's made 40 times the salary of their workers instead of 400 times. Do you think it was computers that changed that too? When did it become acceptable for an owner of a company to take home $20 million a year? When the taxes on most of that income dropped below 40% that's when. Efficiency is worthless if it does not include planning for the future or concern for the financial health of their employees/customers.

Grand Mal said:

Every tax on business ends up on a price tag. Every one. Working class people need to understand that.

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So that means everything will get cheaper now right? LOL You are such a tool.

The migration out of New York State has been going on long before the Trump presidency and it's not just about taxes.

White collar, blue collar, young, and older workers are also included this migration.

A lot of millennials are also moving out of NY because of the high costs of living and the cost of buying and owning homes. 43% of millennials in NY live with their parents.

RetiredUSN said:

The migration out of New York State has been going on long before the Trump presidency and it's not just about taxes.

White collar, blue collar, young, and older workers are also included this migration.

A lot of millennials are also moving out of NY because of the high costs of living and the cost of buying and owning homes. 43% of millennials in NY live with their parents.

Click to expand...

I wonder. Did Trump live with his parents, when he was so much younger than today?

iguanaman said:

You are not alone but believe it or not there was a time when all income groups incomes moved pretty much in unison and CEO's made 40 times the salary of their workers instead of 400 times. Do you think it was computers that changed that too? When did it become acceptable for an owner of a company to take home $20 million a year? When the taxes on most of that income dropped below 40% that's when. Efficiency is worthless if it does not include planning for the future or concern for the financial health of their employees/customers.

Click to expand...

Actually, a good part of the increased spread between lowere and higher incomes probably is driven by the reduction in information related cost transferral speeds connected to computers and the internet. It allows poor populations overseas to compete for capital they require to increase their productivity. This has meant one and a half billion subsistence poor to enter the global middle class, while the income of those they were competing with no longer grew so quickly. In fact then, what should surprise you is not that the US wages have grown more slowly than before. The surprise is that they haven't fallen.

WOW. NYC is shrinking even faster than the dying city named Chicago...learned something new....

https://nypost.com/2017/04/01/people-are-fleeing-new-york-at-an-alarming-rate/

Gotta wonder what is going on the head of this mayor who just loves to spend the citizens money...and make new rules for them to follow....and the city keeps hiring more employees even as it has shrunk by about a million citizens since 2010....that is a dysfunctional city.

This is paid for at enormous expense: The average compensation (including pension and benefit costs) for a New York City municipal employee runs about $140,000 a year, or four to five times the average salary. (The median household income in New York City is just over $50,000.) Altogether, personnel expenses for the city currently top $44 billion per year and will exceed $50 billion per year by 2020.

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New York City Municipal Workers Enjoy Supplementary Welfare State | National Review

This making the affordability problem which is driving people away worse, especially if the city is shrinking in population.

iguanaman said:

Please stop that foolishness. U.S corporations are experiencing record profits AFTER taxes and have trillions in reserves. Besides in what world is employment based on how much money they have? Employment is solely based on need which is based on demand. Demand is based on salaries which have been flat for 35 years. It appears the lower we tax the highest brackets the more greedy the wealthy get with raises. From these charts it appears the optimal top rate is about 70%. Less than that and management takes all the extra profits from productivity increases for themselves.

Click to expand...

While you are correct to say that wages have been relatively flat, it is wrong to believe that this is globally true. While in the US wages might have been flat, the income of Chinese and other countries' workers' numbers and incomes have increase rapidly over the last 30 years.

When our Republican tax plan directed by President Trump passes this week it's going to be the biggest Christmas gift ever given to the American middle class taxpayer and their families. Something this dude and his regime refuses to do.
It will be a wonderful sight seeing jobs being created. The liberals/Demos will be soiling their huggies after Wednesday of next week. Dictator obama's regime and his ruling is being taking down bit by bit...Merry Christmas one and all !