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NYC: A lesson for liberals





jmi256
Another example of what happens when taxes are raised unfairly. NYC has always had a higher cost of living (i.e. groceries, entertainment, clothing, etc.), but if you live in the city you find how to stay out of the touristy areas and keep your costs low. People are now moving out of the city and companies are starting to follow though because in the last few years our taxes and fees have been going up and up. The labor unions have forced mass-transit fare increases, local income tax rates have gone up, city fees have gone up, etc. The liberals who run the city just don't understand simple economics. They wanted to raise taxes so that they could pay for all their pet projects and pay off the union thugs who forced raises for themselves even though most people haven't received raises in a couple of years. (In some industries here, people are just happy to have jobs.) But predictably the tax increases have had the opposite effect. Tax revenues have gone down because people are deciding that enough is enough and moving out of the city. What do you think is going to happen when Obama and the Democrats’ tax increases hit the US? All the spending they are doing on pet projects is going to have to eventually be paid back and that means higher taxes. Doing business in the US, which already has a corporate tax rate of almost 40%, will get more and more costly, and companies will move operations out of the US to more attractive places like Luxembourg. Many are already doing this, but the drain out on the US economy will increase. And foreign investors will shy away from the US because it will just be too costly to make any profit here.

The smart thing to do (especially in tough economic times) is to follow Reagan’s example and cut tax rates. This would allow people to keep more of their own money and spend it as they see fit instead of having it dropped into the government black hole. The spending would then increase true economic activity, which would mean more tax revenue in the end. Clinton learned this lesson, and tax decreases, along with cuts in government spending, led to tax surpluses in the 90s. GWB only got half of the equation right; he cut taxes, but kept government spending out of synch by refusing to veto the spending bills that the Democrats put forward. Obama and the Democrats who are now in charge of the whole kit and caboodle have both sides of the equation wrong. They are increasing taxes and also increasing government spending, which will lead to even higher taxes in the future, cutting economic growth substantially. They should look at the mess their fellow liberals in NYC have made and try to learn some lessons if they are able to.

Quote:
Tax refugees staging escape from New York

New Yorkers are fleeing the state and city in alarming numbers -- and costing a fortune in lost tax dollars, a new study shows.

More than 1.5 million state residents left for other parts of the United States from 2000 to 2008, according to the report from the Empire Center for New York State Policy. It was the biggest out-of-state migration in the country.

The vast majority of the migrants, 1.1 million, were former residents of New York City -- meaning one out of seven city taxpayers moved out.

"The Empire State is being drained of an invaluable resource -- people," the report said.

What's worse is that the families fleeing New York are being replaced by lower-income newcomers, who consequently pay less in taxes.

Overall, the ex-New Yorkers earn about 13 percent more than those who moved into the state, the study found.

And it should be no surprise that the city -- and Manhattan in particular -- suffered the biggest loss in terms of taxable income.

The average Manhattan taxpayer who left the state earned $93,264 a year. The average newcomer to Manhattan earned only $72,726.

That's a difference of $20,538, the highest for any county in the state. Staten Island was second, with a $20,066 difference.

It all adds up to staggering loss in taxable income. During 2006-2007, the "migration flow" out of New York to other states amounted to a loss of $4.3 billion.

The study used annual US Census reports, which showed which states had increased population, combined with Internal Revenue Service data, which show which states, cities and counties had lost people.

While New York City and the state were the losers, the Sunshine and Garden States were winners. more than 250,000 New Yorkers who lived in and around the city fled to Florida. Another 172,000 city taxpayers ended up in New Jersey.

Why all the moving vans?

The center, part of the conservative Manhattan Institute, blames the state's high cost of living and high taxes.

The study also revealed surprising details about how city residents moved from borough to borough.

Manhattan lost 64,480 taxpayers, and more than half -- 34,383 -- went to The Bronx.

Brooklyn lost 68,951 taxpayers -- including 43,688 who went to Staten Island.

The study also had some good news. The peak loss of New Yorkers was in 2005, when nearly 250,000 residents left the state. But last year, only 126,000 left, the lowest figure over the eight-year period.

Source = http://www.nypost.com/p/news/local/tax_refugees_staging_escape_from_qb4pItQ71UXIc0i6cd3UpK
handfleisch
Hooray tabloids citing right wing think tanks founded by Reaganites and funded by the megarich! Woo hoo, take that libruls
deanhills
Isn't this a bit like what has happened in California? Except people did not move out, they just got their companies to be registered outside California, they found loop holes, and those loop holes are one of the major contributing factors in California being technically bankrupt? Ditto New York. People still operate their companies in New York, but I wonder whether like with California, they are registering those outside New York.

I can't see how taxes can be blamed for this. More like bad management and lawyers finding loopholes in taxation that are making everything much worse.

So to answer your question, perhaps New York is going to go the same way as California. Both have to figure out a way to sort out the unions, as well as to plug the loopholes for "tax avoidance".
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