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NY generates a tax surplus because every retirement fund in America flows through Wall Street. Don't over glorify it.
by bpodgursky 11y ago
NY generates a tax surplus because every retirement fund in America flows through Wall Street. Don't over glorify it.
- bogomipz 11y agoOver glorify what? What is your point?
- bpodgursky 11y agoDon't give NY credit for creating all that wealth. It creates some wealth, but mostly the tax revenue is a function of being a banking industry center which serves the entire country. That invested money comes from people in all of 50 states, from personal savings accounts or retirement accounts. If NY didn't exist, the same tax revenue would appear in some other city, whichever other stock exchange became dominant. So it's perfectly fair that the tax revenue is reshuffled from NY back to the actual source of that revenue, in other states.
- bogomipz 11y agoNo. New York City generates revenue for the state because its an enormously important center for advertising, publishing, art, fashion, entertainment, tourism, real estate and retail. The amount of money that changes in hands in the course of day in those sectors is insane. Finance is but one other component. This city survived just fine during the banking melt down in 2008.