2019 Mar 11, 8:38am
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"New York City could go bankrupt, absolutely," American Institute for Economic Research economist Peter C. Earle told the Post. "In that case, the city would get temporary protection from its creditors, but it would be very difficult for the city to take on new debt."Already, New York state is ranked No. 1 nationwide in state and local tax burden, and the top 1 percent of New York City earners pay some 50 percent of Big Apple income tax revenue, per the Post. If businesses continue to flee to lower tax states while NYC spending increases, it could be doomsday, economists warn."The city is running a deficit and could be in a real difficult spot if we had a recession, or a further flight of individuals because of tax reform," Vested's chief economist Milton Ezrati told the post.
They pay everyone through the roof. Makes them chasing Amazon out that much more humorous.
I wonder how many jobs, and how much tax revenue Amazon's presence would have impacted the New York budget. We're talking 25,000 direct jobs and 25,000 support jobs created.
Also they would do much better by focusing on real organic small businesses that are inherently American and not globalist. Those are businesses that can sustain a city's economy and make a positive impact on social cohesion.
mell saysAlso they would do much better by focusing on real organic small businesses that are inherently American and not globalist. Those are businesses that can sustain a city's economy and make a positive impact on social cohesion. Those businesses got killed by #FightFor15 unfortunately.
Is it that leftist are simply wrong about taxation and prosperity?
Kansas, generally considered a solid red state, hasn’t voted for a Democrat for president since 1964.
A Failed Experiment And A Republican Revolt In Kansas