New York's wealthy could face 51.8 percent tax rate: report

[Charlemagne]

New York’s wealthy could face 51.8 percent tax rate: report

The wealthiest people in New York will face a combined marginal tax rate as high as 51.8 percent given the latest tax hikes by the state, according to a report by Bloomberg Wealth.Bloomberg talked …

thehill.com

 

[danmand]

Sounds good to me.

 

[shack]

Seems reasonable. Incremental increase for those making over $1.1M/yr.

Under the deal, the state tax increase would temporarily rise to 9.65 percent for those earning more than $1.1 million. Income between $5 million and $25 million would be hit with a 10.3 percent rate, and income above $25 million would be hit with a 10.9 percent rate.

So it would rise to, not by.

 

[K Douglas]

Silly. Money is mobile which is why higher income earners are leaving New York state by the thousands. Most are going to Florida or Texas. New York is in rapid decline thanks to idiotic policies like this.

 

[contact]

and those with money will just move it and themselves OUT of NY permanently which will cost the state tax revenue and jobs

 

[saxon]

The higher taxes go in the US the easier it will be for the Liberals to raise them here.

 

[saxon]

and those with money will just move it and themselves OUT of NY permanently which will cost the state tax revenue and jobs

Same thing happening in California, even Elon Musk moved to Texas.

 

[y2kmark]

Oh, those poor Bernie Madoff clients, hit yet again...

 

[Darts]

Silly. Money is mobile which is why higher income earners are leaving New York state by the thousands. Most are going to Florida or Texas. New York is in rapid decline thanks to idiotic policies like this.

I don't see $1.1mm or $25mm on this list.
Here are the 10 wealthiest neighborhoods in New York City | 6sqft

Some/many rich people live and work in Greenwich, Connecticut just across the water from NYC. "The largest town on Connecticut's Gold Coast, Greenwich is home to many hedge funds and other financial service firms."

 

[y2kmark]

Oh, those poor Bernie Madoff clients, hit yet again...

Andy C. is beginning to sound quite the pinko populist first he signs off on legal weed and now he wants to tax all those NYC rich guys that get the multi million $ bonus on Wall St. #ME_TO pressure seems to be having a salutory effect on Andy. Look for some new gun laws...