Wealthy are leaving New York

Discussion in 'Economics' started by wilburbear, Apr 10, 2009.

  1. If farmers keep trying to kill the goose that lays the golden eggs, one day they may succeed.

    I imagine that most wealthy people, who can live anywhere, would think hard about one place with 10% tax, and another nearby with 3%, like Pennsylvania. Say I am 65, with $50 million. Do I want to put my roots down in Bucks County PA, or Westchester County NY - where I can get a less for my money, and pay a lot more in taxes?

    In fact, I would imagine a clever state would do the OPPOSITE. Wealthy people create businesses, jobs, etc. And they spend much money locally (who goes 800 miles to buy an RV, Mercedes, or yacht? Where do they build a luxury home? - you buy it in your area!!!).
  2. Eight


    New Yorkers just never change.. NYC was asking for a Federal bailout in the 70's, I think it was the Ford admin that had to tell them.... "uhhh no fellas and gals, you spent it already, go peddle your papers"
  3. Midas


    This is one reason many of these people live in South FL 6 months out of the year. You can claim Florida residency and not pay income tax in other states. (FL has no state income tax)

    Visit Boca or other SFL areas and you will feel like you are in New York.... Only with palm trees and a sun tan.
  4. In the recent CIA-Pelosi battle, a top CIA official let it slip that his agency is doing its job, listing 3 or 4 examples - one of which was credible reports of a nuke in NY.

    New Yorkers are left clinging to a failing economy in a war zone. Ouch.
  5. I'd like to see a link to that being reported.
  6. Too bad ALL WEALTHY IN AMERICA aren't smart enough to leave the country.

    That would leave Obama, Pelosi and the rest of the Liberals with no "assets to tap"... they could just daisy-chain each other for hand outs.
  7. George Tenet ? The same guy who said WMDs in Iraq was a slam dunk at precisely the same time period?
  8. Western NY billionaire—and three time NY gubernatorial candidate—Tom Golisano has had it with New York's taxes so he's changing his legal address to Florida. Hey, if only the little people had residences in Florida too! Notably, it's the increased taxes to wealthier individuals that has Golisano riled up. The Buffalo News reports, "Golisano told a gathering of Rochester business executives that he will remain as owner of the Buffalo hockey team, but he is fleeing the Empire State to avoid paying $13,000 a day in state income taxes. While Golisano said his move will not end his role as outspoken critic of New York state government, it remains uncertain how seriously his cause will be taken at the State Capitol as a resident of the Town of Naples, Fla." Golisano, who is working with another billionaire, Mayor Michael Bloomberg, on possibly revamping the Independence Party, says he'll use the money he's saving (over one year, that would be about $4.75 million) to finance charities and maybe his
    #10     May 17, 2009