Wealthy residents in New York are fleeing the state in record numbers as the recently passed budget pushed the tax rate for the rich to a staggering 52%.
“New York City’s ultra-high earners will soon have to pay a top marginal income tax rate of nearly 52%, the highest personal income tax hit in the U.S. That means — in theory, at least — that some of the city’s wealthiest residents could end up giving more of their paychecks to federal, state and local governments than they keep for themselves,” reports CBS News.
“New York’s state senate on Tuesday passed a deal to raise the income taxes collected on those with annual earnings above $1 million. The tax hike for millionaires still must pass the state legislature’s lower house and be signed into law by Governor Andrew Cuomo, both of which now seem likely to happen. The higher tax rates will apply to all state residents making more than $1 million, but the city’s own local levies will make the Big Apple the highest tax locale in the country,” adds the news outlet.
Governor Andrew Cuomo and legislators in Albany approved a massive $212 BILLION budget this week officially making New York the highest taxed state in the nation; finally passing previous title holders California and Illinois.
“The governor said COVID devastated the state economy and now this Fiscal 2022 budget will provide money for rebuilding New York. It also will legalize mobile sports betting and raise taxes on the wealthiest New Yorkers,” reports Fox New York.
“It does a lot to not only fill in the gaps that have been exposed that we had to cut back on because of the pandemic but it also makes really important investments in the social safety nets,” state Sen. Andrew Gounardes said.
“They created a budget based on what the legislators were actually hearing from the grassroots,” New York City Mayor Bill de Blasio said. “For the first time in years and years and years, justice for our public school kids, for our public school parents — finally we see fairness in funding for New York City public schools being locked into this budget.”
“We’re very concerned about the tax increases,” added Manhattan Chamber of Commerce CEO Jessica Walker. “They could backfire and keep remote workers away, and those are the customers that small businesses are relying on to come back and shop in our stores and eat in our restaurants.”
“The vast majority of wealthy people — they are going to stay in New York City because they want to be in New York City, because they like the life available to them in New York City,” claimed de Blasio, “because they can make more money in New York City than a lot of other places.”
Read the full report here.
NYC SPIRALS: 112 Injured By Gunfire in 9 Days, Local Says ‘Haven’t Seen Anything Like This in My Life’
Violence and gunfire continued to plague New York City since anti-police protests started back in June, with authorities confirming more than 100 people have been shot in the last 9 days.
“There have been 112 victims in 83 shootings over a nine-day period ending Saturday, according to police. Most of those shot were expected to survive, but at least six people have died in the past week and others suffered serious or critical injuries,” reports 1010Wins.
The NYPD on Sunday released this info detailing the nine-day stretch of shootings.
Friday, 6/19 – 8 shooting incidents with 9 victims.
Saturday, 6/20 -18 shooting incidents with 24 victims.
Sunday, 6/21 – 2 shooting incidents with 5 victims.
Monday, 6/22 – 11 shooting incidents with 17 victims.
Tuesday, 6/23 – 10 shooting incidents with 10 victims.
Wednesday, 6/24 – 3 shooting incidents with 5 victims.
Thursday, 6/25 – 5 shooting incidents with 8 victims.
Friday, 06/26 – 9 incidents with 10 victims.
Saturday, 06/27 – 17 incidents with 24 victims.
“It has just been ridiculous how it has taken place, because we saw a serious decline over a five year period and we have working relationships to work with our police department with their community policing,” said one local leader in Brooklyn. “Now look at what we’re faced with. I have not seen anything like this in my entire life living here in New York.”
Read the full report here.
NYC SPIRALS: 7 People Shot in 10 MINUTES in Separate Brooklyn Shootings
New York City continued to struggle with an uptick in gun crime in the wake of anti-police protests in all five boroughs, with seven people shot within 10 minutes in separate incidents in Brooklyn.
“Seven people were wounded in three shootings just 10 minutes apart Monday night in different Brooklyn neighborhoods,” reports the NY Post. “The gunplay started at about 10:40 p.m. on Bainbridge Street near Malcolm X Boulevard in Bedford-Stuyvesant.”
“I could see she was breathing, but she wasn’t moving,” said one eyewitness.
“The city reported 40 shootings last week — the most in a week since 2015. In the same time period in 2019, there were 24 shootings,” adds the Post.
This is a developing story. Check back for updates.
Source: NY Post