NYC’s top 1% pays 50% of all income taxes. Personal income tax in the NY area accounts for 59% of all revenues.
The city’s very wealthiest blocks have decreased by 40% +.
Atlas shrugged, as we always predicted it would.
Y’all are gonna learn one day. t.co/OqR3cNCzzx
— Hannah Cox (@HannahCox7) August 19, 2020
“Throughout history, poverty is the normal condition of man. Advances which permit this norm to be exceeded — here and there, now and then — are the work of an extremely small minority, frequently despised, often condemned, and almost always opposed by all right-thinking people. Whenever this tiny minority is kept from creating, or (as sometimes happens) is driven out of a society, the people then slip back into abject poverty.
This is known as “bad luck.”
― Robert Heinlein
Related:
A Socialist New York Staggers Toward Default
In the infantile-socialist milieu that is New York politics, Andrew Cuomo is the adult in the room. The anti-business, neo-Marxist rhetoric of Alexandria Ocasio Cortez is pretty typical of the views of the younger Democrats in NYC and increasingly in Albany too. These politicians see business as the enemy and view wealthy New Yorkers as a resource that can be taxed to fill the city’s fiscal gap.