Stuck in the just passed Biden/Democratic Stimulus/Rescue Bill IS an increase in taxes for those making over $400,000 a year….
New York State taxes closely follow the IRS tax code done by the US House and approved by the US Senate….(NY has extended filing taxes to May 17 like the IRS)
The NY Post has a piece about grumbling by finance and tech companies threatening to leave the Big Apple for Florida if NY lawmakers raise taxes for the rich like the Feds have….
…..the cold new tax climate might also mean that high-income New Yorkers who temporarily fled the city for places like Palm Beach might not come back.“We can’t take for granted that the millionaires and billionaires will return to New York,” Wylde said.
Big names on Wall Street have already threatened to pack their bags if Albany enacts a stock-transfer tax, which is proposed in an active bill. The state would claim a percentage of the proceeds from every purchase or sale of stock, or other security, under the measure.
“While New York has remained a center of gravity for the financial industry, many employees of ‘Wall Street’ firms are migrating to Florida, Texas and other states with hospitable tax policies,” Stacey Cunningham, the president of the New York Stock Exchange, wrote last month in a Wall Street Journal op-ed.
“The New York Stock Exchange belongs in New York. If Albany lawmakers get their way, however, the center of the global financial industry may need to find a new home,” she warned….
Note….
Florida IS NOT the World Financial Center that New York City IS….
Trump gave the rich a tax cut in 2017….
There was no way that was gonna stay in place with Democrats winning the Presidency and even a thin majority in both houses of Congress….
In the end?
Few in any will move from the city….