That giant sucking sound is the richest New Yorkers – tired of virtue signaling in a city that is about to tax them as much as Europe’s socialist paradise – packing up their belongings and bailing for Palm Beach.
Why? Because days after we reported that New York Millionaires are about to be slapped with the highest income tax in the country, surpassing even the liberal utopia that is California, we now have some more details on what will likely be a 50% tax on the richest New Yorkers.
As Bloomberg writes, last August scandal-plagued NY Governor Andrew Cuomo begged the rich to return to the state, saying “‘we’ll go to dinner, I’ll buy you a drink, come over, I’ll cook.” What he didn’t say is that while he would pay for a drink, it’s the rich that would be stuck with the very hefty bill.
Details of said bill emerged on Tuesday when state lawmakers and Cuomo reached an agreement to raise taxes as part of a $212 billion budget deal. Under the deal, the top tax rate would temporarily increase to 9.65% from 8.82% for single filers earning more than $1.1 million. Income between $5 million and $25 million would be taxed at 10.3% and for more than $25 million it would be 10.9%. The new rates would expire in 2027. – READ MORE
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