Here's Why The Wealthiest City In America Is Screwed

[livingston]

Here's Why The Wealthiest City In America Is Screwed
Authored by Simon Black via SovereignMan.com,

Last month, Chicago hedge fund billionaire Ken Griffin spent $238 million on a condo in New York City.

It was the most expensive home ever sold in the US (but only one piece of Griffin’s massive, luxury real estate portfolio).

Good for Ken… he’s incredibly wealthy and can spend his money however he wants. But most of society hates this kind of behavior.

Even if a guy has earned $10 billion through hard work and ingenuity, they don’t believe he can spend it freely… and those feelings have only been growing recently with the widening wealth gap and the rising, leftist presidential contenders.

And New York City is gunning for Griffin…
He’ll no doubt pay millions of dollars a year in real estate taxes and employ a team of people just to manage that property… and his investment firm, Citadel, has an office in NYC employing hundreds of people.

But NYC wants more, specifically for Griffin to pay more tax to fund the city’s affordable housing program.

Griffin’s purchase was the perfect backdrop for the government to bring up the “pied-a-terre tax”… the proposed tax would be up to 4% per year for people who own properties above $5 million in NYC but don’t permanently reside there.

So Griffin would be out an extra $9 million a year (on top of the 1% mansion tax New Yorkers already pay on home purchases above $1 million – mind you, $1 million in New York gets you a few hundred square feet)… and normal real estate taxes.

It’s an all-out war on the rich in New York… because the city (and state) are broke.

The city is expecting a $1 billion shortfall this year.

Never mind that NYC is already one of the most expensive and highest-taxed cities in the country (and 50% of the city’s taxes are currently paid by 1% of the population)…

Mayor Bill “brothers and sisters” de Blasio wants the rich to pay even more.

Never mind they just initiated a $2.50 “congestion tax” on taxis, so it costs over $6 just to get in a taxi… and some politician running for local office wants to double the just-increased minimum wage to $30/hour… the answer from the government’s perspective is always MORE.

Only one problem with trying to squeeze every last drop out of the wealthy…

If things get bad enough, guys like Griffin will leave.

New York Governor Andrew Cuomo (who faces a $2.3 billion shortfall in his state budget) recently alluded to this in a press conference…

“There is a tipping point where people say, ‘I love New York, but to spend another $300,000 in taxes? I’ll move.’”

But the rich are already flocking in droves… since 2007, New York and California lost 2.2 million residents to lower-tax states. And the pace is accelerating (one economic group expects them to lose another 800,000 residents in the next three years).
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Here's Why The Wealthiest City In America Is Screwed

 

[Deplorable Me]

If you didn't earn it it's not yours. I don't bust my ass to fund someone else's cable TV and smart phone. I have no love for rich people nor do I have love for ungrateful people who suck money from my pocket. Learn to earn it. I have compassion for people but not stupid and wasteful self entitled people.

The government is just a middle man professional pirate.

 

[Bob]

That's an awful lot of words just to say "leftists"

 

[TheMoneyPit]

These politicians watched Robinhood too much growing up...should have watched Rocky, Rudy, Coach Carter, The Pursuit of Happyness.....

 

[Jmac00]

I love the way *they* portray the rich as greedy individuals. Sure they are, thats why they are rich.

they never mention the amount of money these people GIVE AWAY or the Charitable organizations they have. Yes, they have millions. Many have earned it, some the money was inherited, others it was given too.

But the real greed is in the people that are not rich. The people with no money WANT to be rich and they have gotten to the point that if they can't earn it or its not given to them, they will TAKE IT from those who have it.

People like AOC and Bernie Sanders can suck my dick. Im tired of the lazy fuckes pissing and moaning about everyone else. Stop whinning and go work for your money, like the rest of us

 

[masterswimmer]

The problem with NYS & CA losing all these uber wealthy taxpayers due to exorbitant taxes is that they have to go somewhere. Most of these city dwellers are to the left. Now we're taking those concentrated left bastions and disseminating those leftists to lower tax states that historically have been more red and are now turning purple.

KEEP THEM IN THE CITIES!!!

 

[Blimey]

“There is a tipping point where people say, ‘I love New York, but to spend another $300,000 in taxes? I’ll move.’”

Second time in a week Cuomo has lamented high taxes. What's going on?

As masterswimmer points out, this problem grows in other states, too. Nobody, even from the right, promotes this messaging:

1) You need to work harder
2) You need to move if you can't find work
3) You need to take charge of your shit and stop treating your money like a child; be smart about it; think long term

Since none of this is being promoted the only answer is more government hand outs and more taxation to pay for it.

 

[spat]

These politicians watched Robinhood too much growing up...should have watched Rocky, Rudy, Coach Carter, The Pursuit of Happyness.....

They missed the fact that Robin hood stole excessive tax money from the government to give back to the people.

 

[Catskillkid]

I love the way *they* portray the rich as greedy individuals. Sure they are, thats why they are rich.

they never mention the amount of money these people GIVE AWAY or the Charitable organizations they have. Yes, they have millions. Many have earned it, some the money was inherited, others it was given too.

But the real greed is in the people that are not rich. The people with no money WANT to be rich and they have gotten to the point that if they can't earn it or its not given to them, they will TAKE IT from those who have it.

People like AOC and Bernie Sanders can suck my dick. Im tired of the lazy fuckes pissing and moaning about everyone else. Stop whinning and go work for your money, like the rest of us

As the Boss once said (a super lefty liberal that he is these days) in "Badlands":

Poor man want to be rich,
Rich man want to be king,
King ain't satisfied till he rules everything

 

[Catskillkid]

They missed the fact that Robin hood stole excessive tax money from the government to give back to the people.

 

[Acer-m14]

 

[Mr. terzmo]

Mayor Bill is missing out on taxing yahts and Limo's. How about precious stones ?? An extra 50 bucks on expensive meals or entertainment. He's just scratching the surface.

 

[prambo]

Mayor Bill is missing out on taxing yahts and Limo's. How about precious stones ?? An extra 50 bucks on expensive meals or entertainment. He's just scratching the surface.

Mayor DeMarxist is a Bentley Bolshevik.

 

[Pissed Off Patriot]

And when people like Ken Griffin leave, who is going to buy his 238 million dollar condo, and pay the taxes that go with it?

Can you say "death spiral"?

 

[dubleuhb]

Am I supposed to feel bad for this Griff guy? LMAO, I spent 238 million on a condo and my taxes are to high, boo friggin hoo!

 

[Blimey]

Am I supposed to feel bad for this Griff guy? LMAO, I spent 238 million on a condo and my taxes are to high, boo friggin hoo!

How much in taxes should he pay?

 

[dubleuhb]

How much in taxes should he pay?

I guess whatever the assessed rate is, just like everyone else.
The guy had to know that he would be getting hit hard, after all he has a team managing his vast real estate holdings.

Look, I'm all for making whatever wealth you can but don't sing the blues when the taxes come due. Sure it may not seem fair but like I said before he had to know it was coming.... but maybe not, what kind of fool would buy a condo in NYC for that kinda scratch, dumbfuck deserves to be assraped by them.

 

[Blimey]

I guess whatever the assessed rate is, just like everyone else.
The guy had to know that he would be getting hit hard, after all he has a team managing his vast real estate holdings.

Look, I'm all for making whatever wealth you can but don't sing the blues when the taxes come due. Sure it may not seem fair but like I said before he had to know it was coming.... but maybe not, what kind of fool would buy a condo in NYC for that kinda scratch, dumbfuck deserves to be assraped by them.

But this is a new tax being proposed, not one he knew about.

 

[dubleuhb]

But this is a new tax being proposed, not one he knew about.

Well he's got the money to waste so get the team rolling and fight it.
I wonder if this guy is a lib donor, that would be perfect, still never going to get any sympathy from me.

 

[Marine Cpl]

How much in taxes should he pay?

I believe there shouldn't be any income tax whatsoever. Taxes collected should be only on consumer goods you purchase at the same rate but if there is going to be an income tax, it should be the same across the board for everyone.

Do you think it's fair that you should pay X amount more in a percentage more than someone who makes less than you? You 33 percent for example on your income tax and your neighbor 27 percent because he makes 20 thousand a year less than you?

Why should you pay more? Because you paid better attention in school or made better decisions in your life?

 

[Darth]

What luck, taxation is theft.

 

[Blimey]

I believe there shouldn't be any income tax whatsoever. Taxes collected should be only on consumer goods you purchase at the same rate but if there is going to be an income tax, it should be the same across the board for everyone.

Do you think it's fair that you should pay X amount more in a percentage more than someone who makes less than you? You 33 percent for example on your income tax and your neighbor 27 percent because he makes 20 thousand a year less than you?

Why should you pay more? Because you paid better attention in school or made better decisions in your life?

our system is a huge redistribution if wealth mechanism.

I don’t cry for this rich guy but I bet he alone pays more in tax than every member of this forum combined. Rich are mobile and some do and will just go elsewhere if they feel bled, no different than a middle class guy sick of his property taxes..

 

[meketrefe]

I do believe in free speech and free market but I can see why some people might be a bit offended with the excesses of the elite.
After all, the middle class is under siege, people work very hard yet they barely make it while politicians raise their salaries, raise your taxes, the lobby works hard to raise profits at the expense of imposible to pay medications, insuramce and whatever else.
Poiticians work for those big corporations and not you.
You have guys like Bernie Madoff who ripped off millions of people and ruoned the lives of so many yet we didnt see him hunging from a rope in front of wall street for everyone to see.

So I understand why people are mad but also confused. They should not be mad at the rich or sucessful in general, but instead at the political class, the lobby and the entire stablishment who are working hard to make it impossible to survive for the working class.

The American dream is under siege.