Millionaires are not going to move away from NYC when the stock exchange is right there, the big buildings are right there, and the port is right there. NYC is important because of where it is and what it has. A 2% tax on high incomes is not going to change that.
Meh. 2% on millionaires.
Now do 90% on billionaires.
This isn’t a tax on wealth, it’s a tax on income.
There probably isn’t a single billionaire out there with a billion dollar income in any given year unless they’re doing some massive sell off like when Musk sold shares to buy twitter.
What actually happens, is the more wealth you have, the less income you’re actually likely to have at least in proportion to the wealth, because you start doing things like taking loans out against your shares in a company, and potentially never pay it back until you die at which point the estate will pay it off, but I think there’s even some weird estate transfer things that make that favorable to them as well.
There is a (relatively) simple solution to this; Make the act of taking out a loan against the value of your assets (which the wealthy tend to do, for liquid cashflow) a Capital Gains taxable event.
This has actually been my preference vs a straight up wealth tax.
I wouldn’t really call it simple though as these types of things can easily be done off books. You’d have to be able to do audits like how did you pay for this with that cash kinda thing still.
You also need to deal with repayment and prevent double taxation, which is doable to sort out but not easy.
I meant relatively simple in the sense that it shouldn’t require a full re-write of existing laws - just an addition to, knowing full well that enforcement would be the biggest challenge.
Hefty fines (over and above the value of the assets used as collateral) on the lenders if caught not reporting could help ensure compliance.
Another way to tackle it might also be to treat the end of every financial year as a Capital Gains Event for assets over a certain threshold? That way, it just becomes part of people’s annual tax returns and taking out loans wouldn’t necessarily help avoid it.
eg. If FY26 saw Elon Musk’s wealth increase by $10bn, he would owe ~$2bn in Capital Gains to the IRS.
Also, to head off possible arguments: Given that the US taxes its citizens even if they live/work abroad - there would also be negligible risk of capital flight.
Yeah. We need wealth tax.
Nothing is ever enough for people is it? Ya’ll could have had Cuomo again and gotten 0% taxes on the rich. Hell, Cuomo would’ve given tax breaks to his wealthy buddies like he did the first time. 2% isn’t the end goal, it’s the start. Ya’ll need to change your perspective, nothing in politics is going to be instant or perfect. I’ll take 2%, it’s a start.
I’m happy with this, but we still need to be doing more.
Gotta boil the frog properly, exactly
Indeed we need to do what the right wingers have been doing to us since the 70s. Slowly turn up the taxes and lock up more and more white collar criminals/pedophiles. Hopefully this starts happening after Trump and Republicans face backlash from all the shit they’ve done over this year.
The Millionaire Tax will impose an additional 2% income tax on the top 1% in NYC, who are earning over $1 million per year.
As a European I am shocked! Shocked that you call this guy a socialist!
This is good ofc, but I doubt any really wealthy person is seeing these taxes because they do everything in their power to use loophole after loophole and avoid using their own money.
So this is as güt as it’s gonna get until the IRS (i think) solves these loopholes thats letting these mega wealthy ppl use “debt”, etc to avoid paying anything.
No mention of how it turned out in Massachusetts.
The verdict: The new report found the number of ultra-wealthy residents in Massachusetts — those with at least $50 million or more — has actually grown since 2022, from 1,954 to 2,642 in 2024. The millionaires’ tax also greatly surpassed its projections in the first year, generating S2.46 billion for the state in 2023 alone. State officials expect it to haul in the same amount of revenue annually. “This is further evidence that multi-millionaires are not fleeing the state in response to the new tax,” said Shanique Rodriguez, executive director of the Massachusetts Voter Table.
Err: NaN
Yep. Millionaires threaten to move away if they’re taxed, but they won’t. The convenience of having their high value properties in highly sought after areas, where all the services they use are present, is too enticing, and even a hefty tax won’t be a deterrent.
Just imagine how much upheaval it would cause you to move a few states over. For a millionaire… it’s the same except they’re used to so much beyond basic survival - their parties, their exclusive clubs, exclusive gatherings, private boxes in theatres, the list goes on.
Do you really see such a person moving to Bumfuck Nowhere, Nebraska, just because that town doesn’t tax millionaires? Do you really see them giving up 80-90% of the “rich life” just to save their wealth? Hell nah. As long as you’re not explicitly threatening to tax them out of existence, they’ll stay. Because unlike the average people they can afford that extra expense.
But of course they don’t want to, they just yap around threatening the move without committing to it.
Many millionaires moved out of France after new taxes. 1,400 just in 2025.
Oh no. How will France survive now!
They were already getting taxed 45%
What were those new taxes? Here we’re only talking an additional 2% on top of whatever nyc s state and local tax is that could be what 15%? Noticeable but not a dramatic change
Also isn’t it so petty to admit you (would) move because you don’t want to shell out your bit for your community? Like isn’t that incredibly cheap? Don’t you like living in New York? Don’t you like your city?
It’s like the rich guy passing on the collection plate at church type move.
Well, the rich didn’t get rich by giving away their money.
To them it’s a status symbol - like how Apple products used to be status symbols for the plebeian (aka us).
Having multimillion dollar supercars, villas, mansions, seven bedroom apartments, etc., works well, but you’re only truly rich if you can show off how you didn’t actually lose any value to get those benefits. How you didn’t need to spend a single penny of your wealth to live the rich life.
Yeah I guess I should stop ascribing any kind of communalist value systems to them. The like of you and I aren’t in the group they consider their community.
I mean yeah, sure, go ahead and move to Bumfuck and try to figure out what to do with all that money.
A lot of millionaire wealth is tied to where they live. A New York lawyer or doctor can’t just move to Miami and expect to have the same level. Business owners could potentially move, but they still would need to keep traveling back and forth. Ultimately, their social life and lifestyle is where they already liveand being the one who moved because “is expensive” it would be seen as cheap.
FYI when we’re talking about taxing the rich and wealth we’re not talking about doctors and lawyers even if they still make a fuck ton because they are still getting paid for their labour and they need to work in order to maintain their lifestyle even if they would be considered rich.
What we’re talking about are people who make their living through their capital I.e. due to the exploitation of other people.
This article is about an income tax. An additional 4% tax on income over 1 million dollars annually.
This article is not about a wealth tax.
2% according to the article, not 4%.
Voters narrowly approved a 4% surtax on incomes over $1 million in a statewide ballot referendum in November 2022.
??
Oh, I was referring to the article in the post. You were referring to the article in the comment. 🙃
This is not about wealth though, but income instead.
I doubt those income millionaires can just leave New York and be better off than paying an additional 2% income tax while staying in NY.
In all likeliness they’d have much more net loss from leaving NY than from additional measly 2% tax.A quick search suggests most New York lawyers (avg $176k/yr) and surgeons (avg $300k to $750k) aren’t going to be be affected.
Yeah. We usually consider lawyers, doctors, tech people, academics at fancy universities etc. to be rich. But in the grand scheme of things, they’re upper middle class at best. The real rich are all people with generational wealth coming from businesses.
Who considered these people to be rich? Rich people don’t have to work. Those are working professionals. Manny of them have high debts for the beginning decade of their careers, too
People born before the 2010s, roughly. Doctors and lawyers were at one point considered two of the highest earning professions and it’s only been recently that college debt has really been considered a real issue rather than an excuse Millennials made up because they would rather complain about being poor than lift themselves up by their bootstraps.
For the Baby Boomers, these professions allowed them to buy lots of assets that have since appreciated in value and become generational wealth, and they think the world still works that way.
And even if some of them really move: is it worse them not paying taxes while not being there at all?
I don’t see the the core of their threat.The idea is that “rich people spend their money” - which, let’s be honest, is blatantly untrue.
The rich don’t spend their own money. They trade favours. Hell, if you have $1mil on your hand, you can easily walk into a “rich people bank”, open an account and get free shit every month, beyond the very generous interest rates. Free concert/theatre tickets, and such. It’s like a casino hotel that tries to get you to stay with the freebies, but on an “I have a few million dollars in your bank” level.
Frankly said, whether they spend their money or not is their business. If they are involved in shenenigans like you described that needs to be regulated, because it sure looks like tax evasion.
And regarding the proposed tax (quoting the linked article): “The Millionaire Tax will impose an additional 2% income tax on the top 1% in NYC, who are earning over $1 million per year”.So this tax in no way designed to tax their wealth, but merely their income by another measly 2%.
Nobody will become poor because of this. Some income millionaires just become slightly slower even more rich than they already are.Have them move elsewhere and see whether they can keep their annual income in the millions there.
I, for one, am willing to call their bluff.And once that is done, implement a wealth tax for the people who own x million USD.
To keep them from freaking out, it can be as low as 5% annually, because that would still allow them to generate a net increase of their wealth.
If they complain, increase the tax and start draining their fortune.Mist of their true income won’t be touched. You don’t get taxes for holding stock. You don’t get taxed for borrowing. So, a lot of billionaires borrow against their stock to have spending money without paying income taxes.
And that is the real reason they want interest rates to be low. So the leech class can get better rates on their untaxed income from borrowing against stocks.
Borrowing against stocks should be considered realizing gains from them and taxed as such.
Ok, let’s call it ‘taxable income’ then to have a basis of what is going to be taxed (more).
More rich people lived there and the tax generated more than expected. That’s awesome. Good news for NYC.
Good news for everyone, particularly any city that wants to try this
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This article is from Jun 17
Have things changed that drastically in just five months to make it invalid? Since he just won this month, it seems to me that it’s more relevant, not less.
It’s a useful FYI, you… sanctimonious ape.
Useful in what way?
N.B. You may wanna read the explanation for the name in my profile.
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I’m from March 1979
