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nink
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Jerz
The top 1% of NYC residents already pay 50% of its income taxes, so you keep raising taxes on that population and they're going to start heading for the exit.

I 100% agree with this statement. It maddens me when they discuss this issue in local TV every night and they interview individuals who probably didnt pay much tax at all. Then they complain about how rich are getting away with this and that, while they aren't even paying taxes - just receiving welfare. This might be an extreme example but it conveys my point.
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A number of companies are moving in the direction of DC, but I'd bet most of this effect is due to massive job loss in NYC coupled with the fact that DC is the most recession-proof city on earth. (Arlington is the 2nd most recession proof in the US and Durham the 3rd in a study I read recently -- government, education, and health care jobs are pretty solid.)

DC is a pretty great town, though. :-) I would move back in a heartbeat if I had a good job there. Can't say I would entertain the idea of living in NYC.
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The top 1% of NYC residents already pay 50% of its income taxes, so you keep raising taxes on that population and they're going to start heading for the exit.

That should be amended to say, the top 1% of residents who pay their taxes in full. The richest 10% in the U.S. are also the most likely to use offshore accounts and quasi-legal tax shelters as ways to avoid paying taxes. Quite a number of millionaires get away with paying paltry sums in taxes each year.

But more importantly, you should remember that even for someone in a lower tax bracket - say, me - paying a smaller percentage of their total income each year is still a lot of money, relatively speaking. When you make $40k/year, paying $10k of that into taxes is a big bite into your lifestyle. If I make $250k a year, paying $100k of that back in taxes (which is an exaggeration, but still) ain't really hurting that bad.

This isn't an argument to soak the rich. But the wealthiest Americans pay far less in income tax today than at any other point in history, so... I don't feel too bad for 'em.
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Amen, Toubab. Especially the fact that most wealthy people actually do not pay a very high effective tax rate -- this is something Warren Buffet has been on about:

https://www.timesonline.co.uk/tol/money/ ... 996735.ece

I believe he has a $1m bet open that no Fortune 500 CEO pays a higher tax rate than their administrative assistant. So far no one has opened up their finances and taken him up on the offer.

A corollary argument that is irritating is that the US has the highest corporate tax rate in the developed world. Given all the exemptions and loopholes available, this is only true on paper. The actual effective corporate tax rate paid by most corporations is very, very low. My wife is writing her LLM thesis in tax on this very subject.