New Yorkers know their taxes are going up and are thinking about whether they can handle it. The professional crowd, especially, is concerned. Why not move out?
An old column on Real Clear Markets by Steve Malanga of Manhattan Institute is worth going back to because it lets you know how very much the top earners in NYC pay relative to other taxpayers. In one recent year the top income bracket crowd, less than one percent of the taxpayers, paid one third of the state income tax.
Reason to care: the tax burden in NY is one factor that is speeding Washington’s victory and New York’s defeat in the epic competition of the capitals. The excellent Richard Florida had an optimistic piece in The Atlantic recently, where he said that “New York is much, much more than a financial center.” In terms of tax revenues, however, being a financial center matters.