Kudos to NYC Mayor Eric Adams for scolding the progressives to stop chasing taxpayers out of the Big Apple. Adams will never be confused as a radical free market, pro-business mayor, but he does have basic common sense, as you can see from the video.
New York City alone has lost 300,000 people since 2020, according to Census Bureau data, and the rich are the first in line to leave.
The NYC budget office shows a dramatic 10 percent drop in taxpayers who made over $750,000, and 6 percent of those with incomes between $150,000 and $750,000. Many of those departed after New York State raised taxes by $4 billion in 2021, creating the highest state and local tax rate in the nation.
Kathryn Wylde of the Partnership for New York City notes the top 1 percent of New York City taxpayers accounted for 45 percent of the city’s total income tax liability in 2020.
Last week, the leftist “Invest in Our New York” coalition demanded Governor Kathy Hochul raise income taxes on the top 5 percent of earners, create a new state inheritance tax, and establish a “mark-to-market” tax on passive investment income like dividends.
Here’s hoping that Mayor Adams and other reasonable voices in the state can stop this madness.