dust1990 t1_j85jcsc wrote
Reply to comment by Medianmodeactivate in NYC will have $4.9B budget surplus for 2023, watchdog says by mowotlarx
My point is that lower rates are the revenue maximizing equilibrium. Don’t abolish it, but lower it such that more wealthy people become residents which is good for everyone because it increases tax revenue for services.
Medianmodeactivate t1_j85o3kd wrote
>My point is that lower rates are the revenue maximizing equilibrium. Don’t abolish it, but lower it such that more wealthy people become residents which is good for everyone because it increases tax revenue for services.
Right and I'm saying the net effect is ambiguous. It's not clear that the equilibrium lower taxes. For all we know they could very well afford to increase certain taxes and increase net revenues even if some number of people relocate. Since wealthy people want to live here to some extent they are a captive audience.
dust1990 t1_j85q5n5 wrote
It’s no secret the city is bleeding HNW and UHNW residents. Why not test it out?
Viewing a single comment thread. View all comments