The Conservative Daily Post was quick to point out how the actions of Senator Bernie Sanders (I-VT) would, by his own admission, cost everyone more money. Companies would flee our shores like cockroaches exposed to bright light under his plan, just as the economy was coming once again to life under President Donald Trump.
As the Daily Caller reveals, Sanders is not the only fog-minded leftist to try and ruin what is the boom happening in our nation’s economy (since they don’t want Trump getting the credit for the exuberance). As a result of New York City de Blasio and his leftist policies and tax rates, the rich who live in the Big Apple are planning to leave in droves. Only a Democrat can dampen a G.O.P. led boom in one of America’s major cities.
“Everybody I speak to brings this up. Every NYC resident I speak to asks about the feasibility involved in doing it,” confesses Wall Street tax expert Robert Willens as he spoke to Yahoo Finance. “I’ve been doing this more than 40 years, and never heard more discussion about relocating than recently.”
In question is a tax provision called the State and Local Tax Deduction which “can currently lower their federal taxable income by more than $100,000.” It is said the average “deduction in the Manhattan area is at least $60,000.”
By losing this, the people who do the hiring are going to be leaving. Not only will they not be spending their vast fortunes in New York City, but worse still, they won’t be there hiring new workers from the city that never sleeps, either.
The good news is that those who passed these awful rates are the ones who are going to have to suffer from them. This is a level of poetic justice not often seen in the world today. In this regard, the news is nothing short of splendid.
The “mayor is trying to levy a 14 percent tax increase on the city’s millionaires to pay for improvements to the city’s subway system,” something that will only further the burden.
Is it needed? Perhaps.
However, the burden that still exists on the city from other unneeded costs limits what is there to go around.
Once these rich depart the city, this problem will only be more pronounced.