New York City is suffering from loss of reduction in tax revenue as a result of the city’s and the State’s economic shutdown by government fiat during the Wuhan Virus situation.
One 49-year-old tech entrepreneur told The Wall Street Journal he and his family have moved permanently to their second home in the Hudson Valley from Manhattan. …
For tax purposes, he says, he and his peers are aware that if their children still attend school in the city, it is hard to argue the family has left. The man is considering pulling his children from the city’s elite private schools and is looking at public and private schools in the suburbs. He estimates that if he can persuade the city he is no longer a resident he will save more than $100,000 a year in city taxes alone.
This guy, to be sure, is one of the Evil 1%, so he lives more expensively than the rest of us. Even so, that city tax bill says all there is to say about progressivism in America. His bill compares with a national median income of $63,700 and a New York State median income of $82,200 in 2019.