The Wealthy Escaped the City: Politicians Beg them to Come Back and Pay Taxes

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You might not believe how lopsided New York City’s tax system is, but here you can read it in the words of the governor of New York State, “A single per cent of New York’s population pays half of the state’s taxes and they’re the most mobile people on the globe.”

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Gov. Andrew Cuomo is begging wealthy New York City residents to return to their city homes so they can be taxed by the city’s income tax surcharge.

To fight the pending deficit the city is facing, many city politicians want to tax those who remain even more, but Cuomo knows this is a bad idea. The Daily Mail reports:

It is not unusual for Manhattan to clear out for the month of August, when temperatures between the skyscrapers soar and send many fleeing to Long Island’s beaches or further afield.

But this summer, with the ongoing lack of appeal in the city, the likelihood that people will come back in the fall is shrinking.

What is making matters worse are the increasing calls from other lawmakers to boost taxes on the city’s highest earners to try to plug the $30billion deficit that was left by the pandemic.

Cuomo said he is resisting the idea, that will send the already transient group of taxpayers running for the hills.

Instead, Cuomo, like many state and local politicians, is looking for a federal bailout. The Daily Mail continues:

He wants the federal government to step in with help in the final stimulus bill that is due to pass soon, and has warned that unless more financial aid is given, the country is on track for a ‘real recession’.

‘If they don’t make this bill right, frankly, they shouldn’t pass it because it will be the last bill.

‘If this bill does not have funding for state and local government you will see a real recession, not just in New York but across the country [by] forcing state and local governments to lay off people,’ he said.

Wealthy New Yorkers fled the city first because of COVID-19, then to escape riots and chaos in the streets. How did New York’s politicians respond? By taking $1 billion away from the NYPD. Now crime is soaring, reassuring those wealthy taxpayers that they made the right decision to escape the city. The Daily Mail continues:

So far, there have already been more shootings in 2020 than there were by the end of the year in 2019 and there are still five months until the year’s end.

Robberies on the Upper East Side have also increased by more than 200 percent.

The Upper East Side is the formerly peaceful neighborhood many of these wealthy refugees were formally living in. With stats like those, how many will want to return?

No matter how much Cuomo and other blue-state politicians beg their wealthy citizens to come back and pay taxes, it won’t work. People want to live in places that are safe, and where their productive efforts are respected, not exploited.

ACTION PLAN: Look for a better America. Find a safe state that encourages you to be productive by not taxing you punitively for your success.

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E.J. Smith - Your Survival Guy

E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH. His first drum set was a 5-piece Slingerland with Zildjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West and Paris. Please get in touch with E.J. at ejsmith@yoursurvivalguy.com To sign up for my free monthly Survive & Thrive letter, click here.