4 ms·
The top 1% of earners pay 40% of New York City's income tax. The real question is how will NYC cope with the decreased tax base.
by johnnyb9 6y ago
The top 1% of earners pay 40% of New York City's income tax. The real question is how will NYC cope with the decreased tax base.
- criddell 6y agoDoes it cost more per capita to run NYC than it does smaller cities like Austin?
- foota 6y agoMaybe not to run, but the capital investment is probably higher. As well as things like subways, which there isn't one of in Austin.
- abernard1 6y agoEducation, healthcare, and public employees are almost always the largest expenses. For instance, in CA, only about $100M a year out of the $100 billion a year budget is spent on transportation [1]. Because of prop 98 in CA, a minimum of 40% of the budget has to go to education [2]. In NY, it's only 4% spent on transportation [3]. [1] https://ballotpedia.org/Fact_check/California%27s_state_budget_and_transportation_infrastructure_spending https://ballotpedia.org/Fact_check/California%27s_state_budg... [2] https://ballotpedia.org/California_Proposition_98,_Mandatory_Education_Spending_(1988) https://ballotpedia.org/California_Proposition_98,_Mandatory... [3] https://openbudget.ny.gov/overview.html https://openbudget.ny.gov/overview.html
- criddell 6y agoAustin is building a subway. If NYC is less expensive to manage per capita, I'm guessing that's reflected in a lower taxation rate. Don't they have a lot of room to raise taxes?