1%ers Living in NYC

[dellinger63]

Must really love their city. 8.7% State Tax and 4% city tax for a total of 12.7% on top of Fed taxes? Tell me again that the the rich don't pay their share.

The new 8.82 percent top tax rate for millionaires — billed by Gov. Cuomo and Legislative leaders as a cut — still leaves New York among the top seven states with the highest rates on the wealthiest filers.

And the tax rates that were ratified by the Legislature early this morning will leave the city’s top earners shouldering the nation’s highest combined local and state tax rates.

That combined rate on seven-figure earners who live in the city will stand at a whopping 12.7 percent next year, according to the Empire Center for New York State Policy.

http://www.nypost.com/p/news/local/b...09m6xQtlgpiZdO

I love NYC, would love to have the money to live there 'right', but are you kidding me?

This must be why luxury properties in places like FL haven't decreased in value relative to medium and lower value properties.

By moving, a $50 million dollar a year man would save $6.35 million his first year.

If just 10 $50 million dollar men decide to move the state and city lose $60.35 million. To make up that money you'd need 13,873 new taxpayers, each earning $50K a year.

So here's the only logical decision to make;



A Sarasota FL Home on the Bay $5 Mil





An Enzo and a Saleen (when you're really in a hurry) $670K and $555K

and still have $130K left for property tax and insurance on the rides.

Years 2-10 the savings are socked away with no risk at 3% and the total savings by simply living in a $5 mil home and driving an Enzo and Saleen comes to $66.45 million over 10 years. So who's going and who's staying?