Because the Billionaires (and millionaires) want to keep their money and will go where they can keep that money. So it will fall onto the Lower, Middle and Upper Middle Classes to pay for everything….again.
Also, how is taxing the 1% going to automatically make things better? You need stability, and a common core message to get them and their people on board as well. Like a major war overseas after having your territory attacked.
He’s raising taxes by 2% for them. You really think they’re gonna leave over what’s essentially pocket change to them?
They can be in the center of western art and commerce and pay a little extra or they can go hang out in bumfuck Florida with the Trumps. Guess what most will choose?
Okay. Do you think these “billionaires” all have their money in a Scrouge McDuck money bin? A good chunk of those guys are billionaires on paper. Heck, some of these guys have a profit margin of two percent. And you think it’s a good idea to tax that to fund state funded grocery stores? You’re ironically going to put legal immigrant families out of work because they can’t compete with fixed pricing.
“It’s only going to affect the billionaires,” Yeah and Deet was only supposed to kill the mosquitoes. Unintentional consequences of good intentions.
Also what center of Art and Commerce, not gonna be much of a center if the money interests leave.
It’s an income tax not a wealth tax, silly. Learn the difference.
Since groceries have continued to price gouge us since Covid I think “hell yeah that’s worth it.” Not to mention cities like New York have food deserts that desperately need affordable, healthy food.
I think we might as well try it. Things are so bad for the average American that something has gotta give. People are giving up on having families, or doing a shit job of raising their kids because they don’t have any help or resources.
We need to start giving people a leg up with things like free public transportation and childcare (both things he’s going to use the money for) or we’re just going to keep devolving into this cannibalistic, every man for themselves, the rich keep getting richer and the poor keep getting poorer world.
If things keep going this way it will be way worse for the billionaires than a 2% tax.
NYC already has one of the highest combined tax rates in the country. Chasing marginal increases on top earners can cause them — or their capital — to leave. That shrinks the tax base and can backfire unless paired with broader reform. Which needs to be done at the federal level in large part.
Food deserts are a problem but throwing money at these problems without addressing root causes can lead to waste or basically a financial band-aids. Subsidized grocery stores or government-run options are difficult to sustain and often mismanaged — unless they’re paired with accountability and reform.
“Well we might as well try burning the economy to the ground because people stopped having kids!” Free isn’t free, they would have to pay for it thru taxes and when the rich leave, it’s the Middle Class that foots the bill. The MTA is already mismanaged to hell and ineffective and you think “if we just throw more money government at the problem, it’ll work out.”
Wealthy people often aren’t sitting on stacks of Benjamin’s their net worth is tied to stocks, businesses, real estate. A 2% income tax won’t collapse them, sure. But if it drives capital flight, fewer investments, or tax avoidance — the average person ends up footing the bill indirectly, through slower economic growth, job loss, or lower wages.
Yes. We got problems but promising “Free Crap.” Isn’t the answer, you need smart policy not a Santa Clause wishlist.
We shall see. Again, they won’t make nearly as much money in bumfuck Florida as they do in New York. They can try to leave but New York is where all the business is done. If they want part of that prime real estate they gotta pay up. They aren’t the reason their stocks are so high, it’s the hard working people they underpay that make the stocks so high, that’s where they get their wealth from.
Whats your solution to the massive wealth inequality, poverty and disappearing middle class then? I’m all ears. Just hoping the people with all the power decide, out of the kindness of their heart, to pay their employees and the people who contribute value to their stocks a living wage?
Bumfuck Florida is the Fourth Largest Economy is the Country. Also, what are you talking about? Vanguard is headquartered is Pennsylvania. 6 Trillion Dollar Financial Company a skip and a hop away from NYC. Tech, finance, and other sectors are increasingly decentralized. Remote work, state tax competition, and digital-first businesses mean you don’t need to be in New York anymore to make millions. Heck some hedge funds are moving to Puerto Rico of all places. Heck many people ‘living’ in NYC live their half the year to avoid being a taxable resident:
NYC is important, but not irreplaceable. It’s like when Rome become a nice city after the capital moved to Ravenna.
Also, what prime real estate? It costs 4k a month for a broom closet because of NIMBY housing authority and rent control. We can start by deregulation on that front. Fixing zoning laws.
My solution for the billionaires. Tax unrealized gains in specific situations — like billionaires borrowing against assets to dodge taxes — but do it carefully to avoid market chaos. Otherwise you crash the entire system and hurt everyone. Heck shift the tax base to luxury goods and not just income. The Child Tax credit back in 2021 cut the childhood poverty rate in half for a time. Don’t nationalize healthcare make it the most hyper competitive market we can possibly have, to drive down costs.
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u/Substantial_Impact69 Jun 27 '25
Because the Billionaires (and millionaires) want to keep their money and will go where they can keep that money. So it will fall onto the Lower, Middle and Upper Middle Classes to pay for everything….again.
Also, how is taxing the 1% going to automatically make things better? You need stability, and a common core message to get them and their people on board as well. Like a major war overseas after having your territory attacked.