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A lot of millionaire wealth is tied to where they live. A New York lawyer or doctor can't just move to Miami and expect to have the same level. Business owners could potentially move, but they still would need to keep traveling back and forth. Ultimately, their social life and lifestyle is where they already liveand being the one who moved because "is expensive" it would be seen as cheap.
FYI when we’re talking about taxing the rich and wealth we’re not talking about doctors and lawyers even if they still make a fuck ton because they are still getting paid for their labour and they need to work in order to maintain their lifestyle even if they would be considered rich.
What we’re talking about are people who make their living through their capital I.e. due to the exploitation of other people.
This article is about an income tax. An additional 4% tax on income over 1 million dollars annually.
This article is not about a wealth tax.
2% according to the article, not 4%.
??
Oh, I was referring to the article in the post. You were referring to the article in the comment. 🙃
Nice, now everyone is correct. Love to see it!
A quick search suggests most New York lawyers (avg $176k/yr) and surgeons (avg $300k to $750k) aren't going to be be affected.
Yeah. We usually consider lawyers, doctors, tech people, academics at fancy universities etc. to be rich. But in the grand scheme of things, they're upper middle class at best. The real rich are all people with generational wealth coming from businesses.
Who considered these people to be rich? Rich people don't have to work. Those are working professionals. Manny of them have high debts for the beginning decade of their careers, too
People born before the 2010s, roughly. Doctors and lawyers were at one point considered two of the highest earning professions and it's only been recently that college debt has really been considered a real issue rather than an excuse Millennials made up because they would rather complain about being poor than lift themselves up by their bootstraps.
For the Baby Boomers, these professions allowed them to buy lots of assets that have since appreciated in value and become generational wealth, and they think the world still works that way.
This is not about wealth though, but income instead.
I doubt those income millionaires can just leave New York and be better off than paying an additional 2% income tax while staying in NY.
In all likeliness they'd have much more net loss from leaving NY than from additional measly 2% tax.