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There's no need to threaten like that, the billionaire bracket can absorb 2%, and they know it. It's a bluff and FUD is the only play they have. Some will move loudly for a political statement and the media they own will play up those stories, but reality few will give up NYC lifestyle and convenience over the proposed rate.
Edit- side thought... It would be so easy for one or two to step up and announce they are proud to support their city, to care for their neighbors, and embrace the proposal as a badge of pride and accomplishment. But no, this is america land of the greed
Nah the rich have had it easy. They directly benefited from the policies of New York and they should have to pay if they want to leave.
Let's call it wealth redistribution.
Also I see your point but I think massive exit taxes should be charged regardless
Yeah, but that's a pipe dream. Just move on.
Imma keep talking about it until somebody does it
Feel free I guess.
They established them nationally under W. No reason not to reflect that locally.
They sometimes do make good on their threats and the wealth concentrated in the northeast is absurd enough to make a significant difference at times
David Tepper (hedge fund manager, net worth 11.4 billion, extreme income of $700 million per year) left New Jersey in 2016 over tax rates for Florida.
His move cost the state $140 million in tax revenue. It wasn’t enough to destroy the state obviously, but it was a noticeable hit to revenues. It also gave media great PR against taxing the wealthy
https://www.schiffsovereign.com/tax/the-state-of-new-jersey-just-signed-its-own-death-warrant-23939/ headline is literally “New Jersey just signed its own death warrant”
https://www.cnbc.com/amp/2016/04/06/billionaire-to-save-hundreds-of-millions-from-florida-move.html “billionaire to save hundreds of millions from Florida move”
Etc. of course in our propagandized society very few/no media outlets focus on him paying his fair share (or the ethics of his extreme wealth in the first place). They all fellate him for being such a savvy businessman and skipping out on his civic duty is an extension of that. Fuck public roads and schools, this guy needs a net worth of 11.48 billion instead of 11.42.
He eventually relocated back to NJ in 2020 fwiw. He claims the move wasn’t necessarily about taxes and tbf he never publicly said it was. It is potentially possible he just had a family issue or something and the media ran with to propagandize the situation. he remains a registered voter in Florida, whatever that means
Imo he came back bc he realized the northeast is great. It’s nice to visit the rest of the country but if you live in the rest of the country I’m sorry to say this but your pizza is terrible