Goldman Sachs CEO says tax hikes could be New York City's downfall

Insider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.

Goldman Sachs, Pandemic

12/1/2021 1:27:00 AM

Goldman Sachs CEO warns taxes could be NYC's downfall, saying urban centers aren't guaranteed a 'permanent place in the world'

Insider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.

Something is loading.We are so sorry! We bumped into a system failure and couldn’t take your email this time.Thank you for signing up!See all newslettersGoldman Sachs' chief executive had strong words for New York City leaders, warning them against taking the wealthy's tax dollars for granted. 

Embrassed Moments ! Celebrities are Caught on Camera Like This

"New York is not going away," David Solomon said during the Financial Times' Global Banking Summit."It's also not guaranteed for any urban center that you have a permanent place in the world." Solomon argued that high taxes on big earners would disincentivize workers from wanting to live in the state. New York has some of the highest tax rates in the United States, and they're projected to rise even higher under the latest version of President Joe Biden's Build Back Better plan. 

"New York has to be aware that there are good choices, and it's got to make sure it keeps itself super-attractive," Solomon said at the summit."At the end of the day, incentives matter, taxes matter, cost of living matters."The pandemic prompted many high-earning New York residents to move elsewhere when the coronavirus swept the city — and the rest of the world — early last year. Between last March and last November, approximately 300,000 New Yorkers headtopics.com

leftthe city for destinations like the Hamptons, Miami, and Honolulu. The mass migration alarmed many at the onset of the pandemic. The loss of 300,000 stood to cost the city billions. Around this time last year, New York authorities estimated there would be about $59 billion in revenue shortfalls through 2022. 

Debris from Russian missile test nearly strikes a Chinese satellite

The city's economic future is not completely secure yet, but New York eventually escaped the most dire of those estimates, thanks to higher than anticipated revenue and federal aidadministeredto the state — about $5.6 billion from Biden's American Rescue Plan in March. 

Goldman is still headquartered in New York but has been opening offices in states such as Florida and Texas. In both states, the top tax rates under Biden's plan would be 51.4%, while the highest tax rate for New Yorkers would hit 66.2%. Many of the wealthy New Yorkers who left have come back — but not all of them. And Solomon's words suggest that they might never, using their tax money as bartering power. 

A report fromBloomberglast year found that the top 1% of New Yorkers had a combined $133.3 billion in income in 2018, and paid for 42.5% of the city's total income tax. Just 38,700 New Yorkers accounted for a massive $4.9 billion in tax revenue that year.  headtopics.com

Thich Nhat Hanh, poetic peace activist and master of mindfulness, dies at 95

Those numbers are ones high earners can escape in lower-tax states like Florida, where many have already moved.  But while many wealthy residents moved out of the city, lower and middle income residents moved around. Residents who left Tribeca last year, for instance, earned an average income of about $140,000, Thomas Walle, chief executive of Unacast, told Reuters last year after the company published a

on New York City's pandemic losses.The typical person moving into the neighborhood in 2020 earned an average $82,000, he said. CEOs are complaining about tax hikes that fuel New York relief plans Solomon has been voicing his opposition to increased taxes for corporations and individuals in New York for months now. In March, he and about 250 chief executives signed a letter to state lawmakers and then-governor Andrew Cuomo arguing against a tax hike. 

"Many members of our workforce have resettled their families in other locations, generally with far lower taxes than New York, and the proposed tax increases will make it harder to get them to return," they wrote at the time. Lawmakers eventually went through with raising taxes for wealthy New Yorkers and corporations in April. The move was projected to generate more than $4 billion in revenue for the city, revenue intended to help vulnerable populations adversely impacted by the pandemic: relief for renters, small businesses, and undocumented residents, groups that disproportionately skew toward Black and brown New Yorkers.  

Read more: Business Insider »

Video: Ostriches run through streets of Chinese city - CNN Video

80 ostriches in China made a break for freedom after a farmer failed to secure a gate

Goldman Sachs isn't guaranteed a permanent place in the world. I want to use this opportunity to thank jamesbtcexpert for helping me and my family out in BITCOIN AND FOREX TRADING INVESTMENT since I invested my money with him I have been earning 10% profits every week anyone who is interested should contact him now

高盛(Goldman Sachs)首席执行官警告说,税收可能是纽约市的垮台,他说,城市中心不能保证“在世界上永久存在”

NPR Cookie Consent and ChoicesHeck yeah this is great! So glad for this progress! Bout fucking time. Portugal did this 20 years ago when they had a heroine epidemic. They were making the laws tougher before that and it just kept getting worse. They decriminalized drugs and opened clinics like these and suddenly the numbers dropped like crazy. Harm reduction for the win! Giving drug addicts a safe place to use gets them off of the streets and will greatly reduce overdose deaths.

NPR Cookie Consent and Choices

For all those who are new to this working from home Bitcoin trading options Here's a little tip: Get a trusted Bitcoin expert and stick to her Alexander_Jenis Invest and play at similar times each day. Because : In times of chaos, your investment is your anchor to success About time... East Indian tech heads of state, MSFT, ggl, now twt. Encouraging trend

Silicon Valley billionaire Michael Goguen sues New York PostSilicon Valley billionaire sues New York Post for defamation over allegations that he kept a spreadsheet of 5,000 women he had sex with Big data analysis. Was it true? 硅谷亿万富翁控告《纽约邮报》诽谤,指控他保存了一份他与之发生性关系的5000名女性的电子表格

Coach Just Dropped Metallic Mini Pillow Tabbys & I’m Buying BothSay hello to our new favorite holiday accessory. ✨

Wall Street thinks new Twitter CEO Agrawal is too much of an insiderWall Street thinks new Twitter CEO Parag Agrawal is too much of an insider to bring needed change to the company For all those who are new to this working from home Bitcoin trading options Here's a little tip: Get a trusted Bitcoin expert and stick to her Alexander_Jenis Invest and play at similar times each day. Because : In times of chaos, your investment is your anchor to success 华尔街认为,新任推特首席执行官帕拉格·阿格拉瓦尔(ParagAgrawal)太过内行,无法给公司带来必要的改变 I entrusted Dennismayson9 with my money since I took rush of investing my money with he platform, and since then I've recovered all I lost to scams. Get in touch with Dennismayson9 and get a good mentorship and safe trading.