New York State Is Set to Raise Taxes on Those Earning Over $1 Million


It's time to check in with our correspondent in the big apple. That's henry reese sheridan. Today he delves like an over caffeinated accountant into the controversial plan to raise taxes on the rich in new york. Take it away henry. New york contains an enormous number of very rich people. The figures for twenty twenty onto yet but in two thousand and nine thousand nine hundred ten thousand four hundred thirty five ultra high net worth individuals. There's people with more than thirty million. Us dollars in that worth called the big apple home. That's more than any other city in the world. New relationship to its rich residents is fraught one on the one hand. Presence of very rich people brings prestige spending power and lots of tax dollars on the other hand. New york city's rich are extremely good as segregating themselves from the rest of society particularly in the fields of education healthcare and housing when not extracting a service from them the less wealthy of new york no the richer here and they're told by politicians from the right to the center of the political spectrum to feel thankful for that but it can be difficult to understand whether tax dollars of the wealthier going when the city's basic infrastructure is in such bad shape politicians a scared to tax the rich as individual careerists. They fear wealthy donors will abandon them if taxes are raised and all but the most leftist governments tend to be swayed by the belief that the wealthy will leave if they are taxed too heavily. Decimating the tax base. This is why historically new york governor andrew cuomo has been soft on taxing the rich in fact cuomo is so scared of the rich leaving new york city. He's willing to go to extreme measures to keep them here.

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