Your Survival Guy

Preparing your investments and family for when disaster strikes.

Disclosure

  • Home
  • Your Survival
    • Special Report: FOOD SHORTAGE: Crazed Hoarding Is Not Preparing
    • Your Survival Guy’s Super States
    • Constitutional Carry
    • EMP Threat
    • Tucker Explains
    • Newport Gas Outage
    • Water
      • Emergency Water Storage
      • Let There Be Water
    • Get Your Gun and Your Training Now
    • Satellite Phones
    • Navy SEAL Survival Kit
  • Your Money
    • Coronavirus Infects Stock Market
    • Looking for a Better America
    • You Invest, They Win
    • Where to Keep Your Cash
    • Paris
    • How to Buy a Boat
    • Dead or Alive? The Future of Long-Term Investing
    • Is Vanguard too Big?
    • Cryptocosm and Life After Google
    • The Last Intelligence Report
    • The Truth Behind the S&P 500
    • RAGE Gauge
    • How Many “Retirees” Will Keep Working?
    • Your Retirement Life
    • You’ll Love This if You’re Dreaming of an Active Retirement Life
  • Weapons
    • Self Defense
    • Every Family Should Own at Least One Shotgun: Here Are Three
  • About Me
    • Your Survival Guy: “Life on Main Street Hasn’t Been This Hard in a While”
    • Preparing for Times Like These
    • My Videos/Pics
    • Music
      • RIP Neil Peart: You Will Always Be Remembered as a “Modern-Day Warrior”
    • Your Survival Guy: Make Your Bed and The Hero Code
  • You
    • Our Cabin on Kodiak, Alaska
    • If You Are in Pain, this May Help. It Helped Me.
    • How to Save for a Grandchild
    • FIRE! Financial Independence, Retire Early
    • Compound Interest
    • Arithmetic of Portfolio Losses
    • Maximum Portfolio Withdrawal Rate
    • An Efficient Frontier
    • Retirement Compounders
    • Counterbalanced Total Returns
  • Survive & Thrive
    • February 2023: 4 Life Changing Words: “You Should Try This”
    • January 2023: Stacking Wood and Compounding Money
    • December 2022: Your Survival Guy Prefers Bombardier’s Global Express 7500
    • November 2022: Arriving in Style at Le Bristol Hotel, Paris
    • October 2022: Sink Your Teeth into These Bond Yields
    • September 2022: Do You Have the 7 Habits of Highly Effective People?
    • August 2022: “Watch This Boat off Our Stern,” My Dad Said “He’s Coming in HOT”
    • July 2022: MONEY TALKS: Your Survival Guy’s Best Service in Paris
    • June 2022: “I’ve Been with Richard Young for Over 30 Years Now”
    • May 2022: Survive “If You Fail to Plan, You Plan to Fail”
    • April 2022: Dream On! Fishing the Double Down in Key West
    • March 2022: Your Survival Guy Hears the Craziest Investing Stories
    • February 2022: Your Survival Guy’s 2022 Super States
    • January 2022: The Least Affordable Housing Market in the U.S.
    • December 2021: Listen Your Survival Guy is not “Mr. Peanut”
    • November 2021: Joe Biden is Weaponizing Your 401(k) Against You
    • October 2021: Time to Get Your Lazy Cash Off the Couch
    • September 2021: What’s Your Survival Guy Investing in Right Now?
    • August 2021: To Where Will You Flee?
    • July 2021: This Bubble’s Popped Baby
    • June 2021: Your Survival Guy’s Summer Job, Inflation & You
    • May 2021: You’re Telling Me Friends Ask You This Question
    • April 2021: Is There One Best Place in America for ‘Liberty Retirees?’
    • March 2021: America’s Growth Corridors
    • February 2021: Troops in D.C. & Your Authoritarian Virtual Panopticon
    • January 2021: Are You Ready for The Great Reset?
    • December 2020: Disaster Prep in Our Newport Bunker and Your Survival
    • November 2020: Election 2020 Edition: Stock Market is Predicting a Trump Win
    • October 2020: You Invest They Win, AGAIN
    • September 2020: Proud to be an American: Pro-Trump Parade Turns Rhode Island Red
    • August 2020: The Clock is Ticking: You Must Protect Your Family
    • July 2020: What Will Her Life Be Like Now?
    • June 2020: Your Survival Guy’s Home (and Money) Protection Plan
    • May 2020: Future Look at Covid-20, or the Next Deadly Virus
    • April 2020: Only Trump Saw the Risk in America’s Relationship with China
    • March 2020: Coronavirus Infects Stock Market
    • February 2020: Escape the City: Live Small, Cheap, and Safe in America
    • January 2020: Is Your Cash Safe? Probably not This Safe
    • December 2019
    • November 2019
    • October 2019
    • September 2019
    • August 2019
    • July 2019
    • June 2019
    • May 2019
    • April 2019
    • March 2019
    • February 2019
    • January 2019
    • December 2018
    • November 2018
    • October 2018
    • September 2018
    • August 2018
    • July 2018
    • June 2018
    • May 2018
    • April 2018
    • March 2018
    • February 2018
    • Welcome

Nightmarish New Tax Proposal in New York

April 5, 2021 By E.J. Smith - Your Survival Guy

By chompoo @ Shutterstock.com

You saw in Summer 2020 how many Americans wanted to escape the city. Riots, looting, and COVID-19 drove many urbanites away from their city homes and into the country. Nowhere was hit quite as hard as New York City. Between January 1, and December 17, 2020, about 3.57 million mostly wealthy people left The Big Apple.

Now, Governor Andrew Cuomo wants them all to come back to pay a nightmarish menu of higher taxes. What a way to roll out the welcome wagon for the state’s most important taxpayers. The top 5% of filers in New York contribute over 60% of the state’s revenue, according to The Wall Street Journal. Now, Cuomo and the state’s Democratically controlled legislature want to raise taxes even further. The dislocation, literally, between productive, successful New Yorkers and government looking for more taxes continues. The Journal writes:

• Income taxes: Impose graduated rates on millionaires, up to 11.85%. This is much higher than today’s top marginal levy of 8.82% on joint filers earning $2.2 million. Under the Assembly’s plan, that existing bracket would be taxed at 9.85%. Earnings above $5 million would be hit with 10.85%. The new top marginal rate, 11.85%, would kick in at $25 million.

Since New York City has its own income tax, running to 3.88%, the combined rate would be 15.73%. That’s a bigger bite than even California’s notorious 13.3% top tax, and don’t forget Uncle Sam’s 37% share. Pretty soon living in a low-tax state looks inviting. Keep in mind that New York’s income tax is already progressive: The top 5% of filers contribute more than 60% of the revenue, the Journal reports.

• Capital-gains taxes: Put a 1% surtax on investment gains by people earning $1 million a year. That percentage might sound small, but New York already taxes capital gains as regular income. So start with the Assembly’s new top marginal rate of 15.73% for a Manhattanite. Add the 1% surtax. The top federal rate on cap gains is 23.8%. The grand total would be 40.53%, and that’s before Joe Biden’s campaign promise to tax capital gains federally as regular income. What a thanks for investing to create jobs in the city.

• Estate taxes: Raise the top rate to 20%, from today’s 16%, for taxable estates above $10.1 million. Remember, again, this is stacked atop the federal estate tax of 40%, meaning the government’s marginal take would reach 60%. Is it any wonder that wealthy people spend big bucks hiring estate lawyers?

• Pied-à-terre tax: Put a state levy on “high-value” second homes in New York City. The rates on “family residences of one to three units,” the Assembly says, would run from 0.3% to 4% of the value over $5 million. For condos and co-ops, it’d be 10% to 13.5% of the value over $300,000.

What kind of state welcomes its refugees back with a demand for the highest percentage of taxes in the country?

Action Line: If you found a better place in America for you and your family, stay there. Don’t reward politicians who just want to tax your income by living in their state. There will never be enough revenue to satisfy Albany, or Sacramento, or Springfield, or Lansing. Build yourself an island in some other state.

The following two tabs change content below.
  • Bio
  • Latest Posts
My Twitter profileMy Facebook profileMy Instagram profile

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.
My Twitter profileMy Facebook profileMy Instagram profile

Latest posts by E.J. Smith - Your Survival Guy (see all)

  • Early Advice from Her Dad on Tipping at Charlie Trotter’s - February 2, 2023
  • Treasury Bonds Ready to Rock and Roll - February 2, 2023
  • Survive and Thrive February 2023: 4 Life Changing Words: “You Should Try This” - February 1, 2023
  • Tom Brady Retires, Again. Should You? - February 1, 2023
  • Reagan’s America Remembered by Your Survival Guy and More - February 1, 2023

If you enjoyed this post, email it to a friend:

  • Email
  • Print
  • Facebook
  • LinkedIn
  • Twitter
  • WhatsApp

Related Posts

Money 101

Trending

  • 4 Life Changing Words for Your Survival Guy: “You Should Try This”
  • Invest with Peace of Mind and Comfort
  • LOSING POWER: Your Survival Guy's Nightmare Scenario
  • Welcome to Hotel California, Where You Can Never Leave
  • Your Survival Guy's 2022 Super States
  • America's Super States and Stocks that Respect YOU
  • Stocks Go Up and Down: Get Paid Along the Way
  • Don't Let Your Lazy Cash Eat all Your Food
  • The World Economic Forum's Record of Destruction
  • The Rich Seek More from Bank Accounts

Must Reads

  • “Talk to Me, Goose!” Time Flies in Top Gun: Maverick
  • Early Advice from Her Dad on Tipping at Charlie Trotter’s
  • Get Out the Map, Make a Plan, and MAKE IT HAPPEN
  • What You’re Telling Me Matters
  • Americans Fleeing High Tax States for Growth Corridors
  • Slow and Steady: The Man Behind the Maps
  • GET PAID: How To Invest in Biden’s Inflationary Market
  • Don’t Let Your Lazy Cash Eat all Your Food
  • Parents Are the New Tea Party. Bad Schools Are the New High Taxes.
  • Tom Brady Is Proof You Shouldn’t Retire if You Still Love Your Work
Only if You’re Serious
Crazed Hoarding Is not Preparing
How to Save Rainwater Effectively
Your Survival Guy in Paris
Your Survival Guy's Fishing Stories
Financial Independence, Retire Early
Money 101
Pandemic Creates Virtual Panopticon
Emergency Water Storage
Find Freedom in America
Second Amendment
How Can You Save Money for Your Grandchild
Great Reset
See Who's Missing the Boat
Richard  Young Reports
How You Can Save Money for Your Grandchild
Why Fidelity is Number One
The Best States for Survival
You Invest, They Win
Escape the City
Why Vanguard is Too Big for YOU
Island Life

Copyright © 2023 | Terms & Conditions

loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.