From the NY Times:The wealthiest 1 percent of New York City residents took in nearly one-third of the personal income in the city in 2009 — almost double the comparable proportion nationwide, a new study shows.
In a report scheduled to be released on Monday, the city comptroller’s office found that large percentages of New Yorkers earned high incomes and low incomes, leaving a smaller middle class than in the nation as a whole.
The report analyzed tax filings by city residents for income earned from 2000 through 2009, the most recent data available, and compared them with the national numbers. All of the numbers were adjusted for inflation.
The most striking difference between New York and the rest of the United States, the report showed, was the concentration of earning power at the high end.
In 2009, nearly 15,000 filers reported adjusted gross income of $1 million or more. They accounted for less than half of 1 percent of the total number of filers, but they took in 26.7 percent of the income in the city. Nationally, people who earned at least $1 million in 2009 collected less than 10 percent of all the income.
The comptroller’s report also revealed that New York had a smaller bulge in its middle than the rest of the country. Nationally, about 31 percent of filers earned $50,000 to $200,000, and they took in 52 percent of all the personal income in the country. In New York, just 28 percent of filers fell into that income bracket, and they collected only 36 percent of all the personal income in the city.
13 comments:
We, the middle-class voters are in part responsible for this situation.
NYC has lost at least 300,000 rent stabilized and controlled apts since the laws were weakened in 1997.
This was a direct result of the Bruno-Pataki-Giuliani axis.
You vote these people in -this is what you get.
During the Giuliani adm there was a quiet but active campaign to sell off every bit of City owned property that might be used for future Public Housing.
The lack of commercial rent regulation is raping the city and is another prime factor in the cost of living here.
Every business lives in fear of lease expiration, and for what? Raw greed.
Add all this up and you have a bifurcating city.
The ironic thing is that even though the City is more Democratic than ever, the damage done in the previous two decades will have a reach far into the furure.
The "job creators" are NOT the millionaires and bosses, they are the average citizens who provide the market for those products and services.
Rent control was not meant for the middle class. It was meant for the working class which is not the same thing. The middle and working class has never had a hard time finding reasonably priced apartments in Queens. LIC used to be very affordable. It was the forced Gentrification that pushed people out, not loss of rent control.
Comptroller John Liu said "nyc economy will be healthier if benefits of growth were "more fairly distributed".
is not that marxist talk, for take money from earners and give it to the freeloaders?
he also adds that he would promote sharing prosperity that narrows the income gap by "education spending"and "implementing more progressive income tax "
he voted for every property tax increase while Cm. does he mean that a $ 21 BILLION NYC, D.O.E. budget is not enough of a tax burden for earners ?
has he ever heard the word "austerity "? the European countries have ,recently ,...a little too late though.
he should stop the class war fare B.S. and bleeding the earners to bolster his marxist union contributors.
this report is three -ten years old data. many more (9.5 to 10.5%) earners are unemployed or underemployed and paying no or less taxes ,because of part time work.
present tax revenues will decline, when high earners leave the city because of lower taxes else where in the nation.
liu will not get to be mayor . the dems are going down in the Nation in november.
Quality of life and access to good schools in the city vs the burbs drove the middle class out. Manhattan and parts of Brooklyn are for the rich and affluent and quality of life for the rest is not maintained so members of the rest who can afford it leave.
Immigrants' "needs"
are sucking up an awful lot of our tax money.
The middle class
bears most of the tax burden here.
They fall between the cracks.
They've got just enough spare income to be immune from receiving the free services that the newly arrived poor enjoy....but barely enough to survive.
So who comes to their rescue?
The rich....well....they don't ever have to worry about money troubles.
Mayor Bloomturd: Do as I say, not as I do!!!
http://abclocal.go.com/wabc/story?section=news/investigators&id=8673085
Dear First Poster:
Respectfully, you have it completely backwards.
Sincerely,
A realist.
Mayor Bloomturd: Do as I say, not as I do!!!
http://abclocal.go.com/wabc/story?section=news/investigators&id=8673085
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This mayor's a real pip! Such arrogance and disrespect for the law. To fine him is just a waste of time. Also, I noticed a police boat nearby as hizzoner's helicopter was landing. Is this SOP? It appears that he's also wasting valuable city resources as well!!! What did you expect from a $1/year multi-billionaire mayor?
>> Mayor Bloomturd: Do as I say, not as I do!!!
Who wants to be an unkosher shrimp - raise your hand!
#5...
i agree with you.
i recently did business with a local small businessman and he told me that a hispanic worker cut his hand badly. he had it treated at a local E/R hospital.
the worker tore up the $3000.00 bill from the hospital in front of the owner.
you will pay for this illegals medical services.
i told the owner to fire him and hire a local legal young man.
i just heard that Doomsberg is advising that the nation should be increasing the illegal alien importation , to save our economy????
John Liu say: It's not my responsibililty to kep up wit all those campaign contributions! I'm only mr comptroller or is controller, oh who cares.
The "loss" of rent-stabilized and controlled apartments means that these formerly entitled renters join the rest of the world where the market determines how much we pay for rent. If its a government benefit that's only available to a lucky few, then its not a "middle class" benefit.
If a majority in the city are getting checks from the government as welfare, current city payroll, or pensions, then its natural that elections will result in ever larger payouts for welfare, current payrolls, and pensions. The permanent government is only negotiating with itself.
The state of education in the City, billions thrown at illegals and unnecessary services, corruption and massive inefficiency, exorbitant taxes and regulation are collectively more responsible for the woe of the middle and lower classes. If New Yorkers retained more income and education was thorough and the government functioned properly the City would be dramatically improved.
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