Thursday, March 31, 2016

1% keeping the city afloat

From the Daily News:

It takes an income of $636,866 a year to make you a member of the one percent in New York City.

And members of that elite group paid 47% of city personal income taxes in 2013, according to new data from the Independent Budget Office.

IBO found that 36,851 tax filers fell into the top one percent — and they collectively earned $107.5 billion, 38% of the entire city population’s income. On average, they brought in $2.9 million in 2013.

The high rollers brought in 19% of the city’s wages and salaries, but a whopping 87% of its capital gains.

They paid $3.9 billion of the $8.3 billion the city brought in in income taxes — nearly half of the total, and an average of $105,924 each.


JQ LLC said...

What about the 0.01 percent, out of state and foreign billionaires?

Anonymous said...

"87% of capital gains..." which aren't taxed. And, this is the group that can afford the financial experts capable of gaming the system... so don't feel too bad for these guys.

Anonymous said...

If you don't have any investments you won't have any Capital Gains taxes. To say these people brought in 87% of the Capital Gains taxes only fools people who don't really know what that is and the 'blame the rich' crowd.

If you want to see the people who aren't paying their fair share try looking at politicians and the entertainment industry with all of their tax breaks to work/film here.

Crying over and over to 'tax the rich' will not make you any better off. Hard work will do that. Stop whining and set out to improve your life, not drag others down.

Populist envy and fear mongering at its best.

You don't want to see what happens when the 1% does leave. Think Baltimore, Detroit, Chicago, Oakland.

Lawrence Summerilk said...

Illuminati has designed this Matrix well.

The Voice of the Oppressed 1% said...

If the City wishes to increase revenue it has two choices:

1.) Increase taxes on the 1% even MORE
2.) Enlarge the population of "wealthy" taxpayers by including the "near wealthy" and "middle class" taxpayers, and raise their tax rates also.

Anonymous said...

You are mistaken, Crappy. It's the "vibrant diversity" that keeps the city afloat.

Anonymous said...

Capital Gains IS the tax. It is the tax on the profit from an investment or property. It is effectively being taxed twice. You get taxed once when you get your pay, then you buy something (a stock) and make a dividend, and that is taxed as well.

Anonymous said...

'The high rollers brought in 19% of the city’s wages and salaries, but a whopping 87% of its capital gains.'

If you don't have investments you don't pay Capital Gains.

If your only investments are in a tax deferred retirement plan you do not pay Capital Gains unless you have withdrawn funds.

Do you really see a lot of investment clubs in the projects?

Anonymous said...

'Some 1.2 million residents — 33.8% — paid no income taxes. The vast majority of those were low-income, but even among the top one percent, eight tax filers paid no taxes because they had enough deductions or business losses to wipe out what they owed.'

This, from the NY Daily Snooze, is also misleading. If you count just Federal taxes it is closer to 45% pay no taxes. And did they really count just 8 filers who paid no taxes because their deductions put them below the limit? Honestly? That group would include thousands of people at and just above the lower limit for taxable income. It would include all of the people within the standard deduction from the lower limit. That would be hundreds of thousands of people. They found 8! Nice job Snooze!

Anonymous said...

If you think it is okay to take Thier property then I believe it is okay to take yours and I Will.liberalism is the belief that Your Failures in life is the rich people's fault just like they convinced African Americans whites are the reason for Thier failures SAME THING.

Anonymous said...

capital gains are most certainly taxed in nyc!

Anonymous said...

I won't feel bad for you eather when the SJWs Divy up your assets like poker chips at a casino and give them to the less fortunate
If it's okay to take Thiers it must be okay to take yours Right?

Anonymous said...

If 15 dollars an hour living wage becomes law shouldn't taxpayers be forced to pay it's welfare recipients
15 an hour also ?
It's discrimination if we dont.

Anonymous said...

Capital gains are taxed unless they are in an IRA, in which they are taxed later when you take the money out. In a Roth IRA, they are never taxed, which is why Mitt Romney has $100 million in his Roth.

Anonymous said...

f 15 dollars an hour living wage becomes law shouldn't taxpayers be forced to pay it's welfare recipients

Hey sign up on Craiglist as an anti-Trump supporter, you get @15/hrs on the spot.

JQ LLC said...

This article is bullshit. Most obvious is the brevity of it. As I mentioned above, where are the motherfucking out of state and foreign billionaires that are hoarding money in these towers, most of them are not even completed. These dwellings have become the new swiss bank accounts.

The Daily News should tackle this with the same zeal that they have in recent reports about police abusing antiquated nuisance abatement laws and the piles of shit running foster homes pilfering funds from the city while abusing vulnerable and damaged kids and dogs. But as with the other dailies including the times they are stenographers for REBNY