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Because NYC cannot deficit spend or unilaterally issue good taxes like the federal government can. The real question is why doesn't NYC create its own local cu
by Ericson2314 6y ago
Because NYC cannot deficit spend or unilaterally issue good taxes like the federal government can.
The real question is why doesn't NYC create its own local currency to skirt those restriction.
- nutshell89 6y agoCuriously enough, New York State has flirted with the idea of "State Citizenship" [1]. On currency NY could in theory issue their own (maybe even a cryptocurrency), but there might be some issues with the constitution's Supremacy Clause (while collecting taxes). Yang's platform also proposes a public banking system by way. [1] https://www.nysenate.gov/legislation/bills/2013/s7879 https://www.nysenate.gov/legislation/bills/2013/s7879
- Pfhreak 6y agoI thought NYC had an income tax and property taxes separate from state level taxes?
- Ericson2314 6y agoSomewhat, but I remember many stories of Bill de Blasio trying to beg Cuomo for this or thew new billionaires tax, and Cuomo just laughing him out of the room.