Guess What Happened After New York Raised Taxes on the Rich? More Millionaires Moved In

a month ago by VetOfTheSeas to c/billionaire

Despite threats from the wealthy elite, new IRS data proves that higher taxes on the rich do not drive them away from New York City. The myth of tax flight is debunked.

Zachariah 30 points a month ago

Poking a giant hole in the persistent theory that wealthy people won’t want to live in states that require more from them in taxes, the number of New Yorkers reporting more than $1 million in income grew by about 3% after the tax rate was raised, the SOI data shows.

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OwOarchist 9 points a month ago

What a disappointment!

Just what is it we have to do in order to get rid of these rich fuckers? They said they'd leave if we raised taxes, we raised taxes, and they didn't leave!

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Natanael 5 points a month ago

Turns out they like nice functional infrastructure too

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ArmchairAce1944 6 points a month ago

Amazing! Once again they are proven wrong.

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Tollana1234567 5 points a month ago

millionaires not BILLIONAIRES, they are the sole welfare babies whining about it.

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hraegsvelmir 5 points a month ago

Even billionaires are not as mobile as they like to pretend. Yes, they certainly have the means to pull up and relocate to some private island in the tropics where they won't be taxed, if they really wanted. However, by and large, their wealth is maintained by access to markets, connections and institutions without which, they canot function as well, and places like New York City have these things in droves. They don't want to pay 1% more in taxes a year if they can get away with it by bluffing, but do you really think they'll let it go if they still make more money in NY after raising taxes on them than they would in their private island?

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Smaile 3 points a month ago

They moved there cuz the less crybaby millioniares knew the standard of living would have been nicer there and be a more stable environment.

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