The Big Apple could soon get down-sized. Well-heeled New Yorkers continue to grapple with the challenges posed by life in New York City under Democratic leadership and trying circumstances. New research from the Manhattan Institute, a think tank espousing free market ideas, reveals a very glum situation in good old Gotham.
The organization cites the grim reality among residents who earn $100,000 or more. They make up 80% of New York City’s income-tax revenue, placing the city government at risk to “tax-base erosion.” Personal income tax, in fact accounts for 22% of the city’s overall take in tax revenues. Many residents have had just about enough.