Saturday, April 10, 2021
New York's New State Motto: "I Love New York's New, Sky-high Taxes"
I Love New York: Do Taxpayers Still Love New York States are the laboratories of democracy. Justice Louis Brandeis in New State Ice Co. v. Liebmann wrote “A single courageous State may, if its citizens choose, serve as a laboratory; and try novel social and economic experiments without risk to the rest of the country.” I Love New York. My wife is a New Yorker. I will spend money in New York on the rare visits to New York. New York is playing with fire. Rising unemployment – 8.9%, the second highest in the nation. Rising crime, especially shootings and homicides. A tourist was just shot a few blocks from Times Square. No cash bail; quick release, even for attacking police officers. No prosecutions for “victimless crimes.” Shrinking police force. Rising homeless population. Riots, looting, and arson, even on Fifth Avenue. Property values are dropping in New York City. Office buildings empty during Covid. The hospitality, restaurant, and cultural attractions are shut down, with many not reopening. The small business sector is in intensive care. Restauranteurs that could reopened in Florida. Moody’s in downgrading New York City municipal bonds. New York is testing the never yet proven theory that raising taxes leads to prosperity. New York is acting as a laboratory of democracy. Census Bureau data shows New York leads the nation in population loss from July 2019 to July 2020. The Post Office reports over 300,000 change of address forms from high income families from March to October 2020. It’s new income tax rates: 10.9% for income above $25 million; 10.3% for income $5-$25 million The New York State rates have to be combined with New York City’s income tax rate of 3.88%. Thus taxpayers in the City could pay up to 18.8%, greater than even California’s 13.3, which is also seeing an exodus. New York is in a race with California for the highest state income tax rates – a race to the economic bottom! New York: a $212 billion state budget, over twice the size of Florida ‘s $ 96.9 Billion, Florida whose 2019 population of 21.48 million is larger than New York’s 19.45 million. California, which is no slouch in spending money will have a budget of $217 billion with a population of 39.51 million, twice New York’s Size. It’s for the “services,” such as $2.2 billion compensation, retroactive for those unqualified under federal law, mostly for undocumented immigrants and recently released prisoners – up to $300 weekly and $15,600 for the year – an open invitation for fraud. Also for renewables, art and cultural centers. Small businesses, put out of business by the state during the Covid shutdown, will be allotted $1 billion, showing the priorities of the progressives, mainly newly elected, in the New York Legislature. Rebecca Bailin, campaign manager for the Invest in Our New York Coalition, thanked “thousands of New Yorkers who took to the streets and the ballot box, tireless advocates and grass-root organizers, and the new Democratic legislative power in Albany. She added “[W]e are beginning to transform New York from a state which protects the wealthy to a state that delivers for the many.” Note the word ”invest” in the organization’s title. “Invest’ and “Investment” are often euphemisms for tax increases. Those who pay little or no taxes always demand more from taxpayers in the name of paying their “fair share” without ever defining “fair share.” The top 2% of New York’s taxpayers pay about half the state’s income tax revenues. The top 165,000 families pay ½ of New York City’s income tax. How much is too much? Supporters of the tax increases resorted to standard practices of the left: rallying in front of the Governor’s house, shutting down bridges, camping out, and engaging in a hunger strike. They flooded the streets while tax paying New Yorkers head for the U-Hauls. Frank Sinatra once sang “New York, New York”: ”Start spreading the news I’m leaving today I want to be part of it New York, New York.” Tammy Wynette had a major hit with “Stand By Your Man.” Her later song “DIVORCE” is becoming the new motto for the city, replacing “I Love New York.”