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6/25/2025, 6:43:21 AM
>>508658057
>The top 1% of NYC taxpayers—about 34k households—earn over $1M each year. This tiny share of the city population takes home 35% of all income earned by NYC residents. The top 1% also benefited from a large income tax cut under Trump’s first tax bill, when their tax rate was cut from 39.6% to 37%. This tax cut is likely to be extended in the next federal budget, at a cost of $3.6T.
>While both the federal income tax and the state income tax impose higher tax rates on those who earn more money—as they are “progressive” tax structures, the NYC income tax is essentially a flat 3.9% tax. Whether you make $50k or $5M, you pay practically the same tax rate.
>We'll will work with Albany to update our NYC income tax to require the wealthiest New Yorkers to pay their fair share. It will champion a 2% tax on all incomes over $1M, which raises $4B.
>Under this new plan, someone earning $1M will pay an additional $20K in city income tax.
Raise the taxes on the wealthiest, there's no downside. Mass raised their back in 2022 and there's more millionaires than ever.
https://www.nbcboston.com/news/politics/data-shows-mass-is-home-to-more-millionaires-despite-new-surtax-according-to-advocates/3698430/
>The number of Mass taxpayers with annual income above $1M was about 27k in 2022
>number of "millionaires by net worth" in Mass, a category that includes the value of homes, retirement and other assets, rose by 38.6% between 2022 and 2024, from 441,610 individuals to 612,109. Their collective wealth increased from $1.6T to $2.2T, or 37.3%.
>"Research has demonstrated that million-dollar earners and high net worth individuals tend to exhibit lower rates of migration compared to the general public. This is not a surprise. Their family, business and social network deeply root them to amenity rich locales where they enjoy a high quality of life. A modest increase on their incomes does not compel the overwhelming majority of millionaires to flee to other states."
>The top 1% of NYC taxpayers—about 34k households—earn over $1M each year. This tiny share of the city population takes home 35% of all income earned by NYC residents. The top 1% also benefited from a large income tax cut under Trump’s first tax bill, when their tax rate was cut from 39.6% to 37%. This tax cut is likely to be extended in the next federal budget, at a cost of $3.6T.
>While both the federal income tax and the state income tax impose higher tax rates on those who earn more money—as they are “progressive” tax structures, the NYC income tax is essentially a flat 3.9% tax. Whether you make $50k or $5M, you pay practically the same tax rate.
>We'll will work with Albany to update our NYC income tax to require the wealthiest New Yorkers to pay their fair share. It will champion a 2% tax on all incomes over $1M, which raises $4B.
>Under this new plan, someone earning $1M will pay an additional $20K in city income tax.
Raise the taxes on the wealthiest, there's no downside. Mass raised their back in 2022 and there's more millionaires than ever.
https://www.nbcboston.com/news/politics/data-shows-mass-is-home-to-more-millionaires-despite-new-surtax-according-to-advocates/3698430/
>The number of Mass taxpayers with annual income above $1M was about 27k in 2022
>number of "millionaires by net worth" in Mass, a category that includes the value of homes, retirement and other assets, rose by 38.6% between 2022 and 2024, from 441,610 individuals to 612,109. Their collective wealth increased from $1.6T to $2.2T, or 37.3%.
>"Research has demonstrated that million-dollar earners and high net worth individuals tend to exhibit lower rates of migration compared to the general public. This is not a surprise. Their family, business and social network deeply root them to amenity rich locales where they enjoy a high quality of life. A modest increase on their incomes does not compel the overwhelming majority of millionaires to flee to other states."
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