211–220 of 459 posts
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You sound like you feel the need to criticize this tax because you want to reflexively attack any idea whereby the rich have to pay their fair share of anything, and thus have strung together a bunch of tokens that seem relevant to you, but actually don't constitute a logical response at all to the issue being discussed.
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1 million remains the hallmark of 'wealthy' (as in: not us), to the point where pop culture has started mocking the concept decades ago (See: That Austin Powers movie...) Hardly everyone understands 'owning a house' as millionaire-level wealth. Which is why people cheer the policy on until they realize it is them who is being shaken down.
You are confusing owning a house with having paid off a mortgage. I can go get a mortgage for $1 million tomorrow, but that does not make me a millionaire. It makes me an debtor with a house I can't afford.
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I would disagree, I think income taxes and inheritance taxes are morally wrong. Earning money to support oneself and family instead of relying on public largesse should not be taxed. Passing the fruits of a lifetime of work to ones heirs so they can continue do productive work instead of relying on public largesse should not be taxed.
> Earning… Inheritance is, notably, not earning it. > continue do productive work That's a pretty bald assertion. Useless nepo babies abound. > relying on public largesse Any chance the existence of a stable, well-educated, high-trust society benefits the children of wealthy people at all?
There's just too much fun to be had with 0.1% wealth that you didn't have to sacrifice your 20s, 30s (and maybe 40s) to build. Coast at some job with a top 25-50% income and 0.1% inheritance in NYC and live the life.
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The fairest and easiest to realize wealth tax is on inheritance. It is great to want to give your kids a headstart in the world, it is terrible for them and the people around them to set them up for life.
The federal estate tax is 40%. NYC adds in another 16%.
It's misleading to cite that since it basically never happens.
The tax doesn't even come into the picture for fortunes below $30 million dollars (for two parents), and the rest of the time it averages ~14%.
https://www.cbpp.org/research/federal-tax/the-federal-estate...
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Sure yeah, all those middle class families with second homes in New York City . Right. Nobody affected by this is middle class. Nobody that will be affected by this in the next 20 years would be considered middle class by any rational measure.
Just like the federal income tax was only targeted at the top 5% of the population when implemented. Inflation is cumulative.
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I'm not sure why if you or I were to expatriate and let go of our US citizenship, we'd still be on the hook for taxes for (iirc) 15 years, but the ultra wealthy can get away with tax havens while remaining citizenship and reaping the benefits of protection by X state. What prevents the tax following the offshoring attempts? Is it simply that the IRS doesn't have the manpower? or is there a legal loophole for avoiding…
> we'd still be on the hook for taxes for (iirc) 15 years This is defintely not true. I did some light Google searches and I cannot anything. There is an exit tax, but only applies if your net worth exceeds 2million USD.
> Further, expatriated individuals will be subject to U.S. tax on their worldwide income for any of the 10 years following expatriation in which they are present in the U.S. for more than 30 days, or 60 days in the case of individuals working in the U.S. for an unrelated employer.
>While the tax seems large, experts say the city’s antiquated assessment and valuation system dramatically undervalues properties, reducing the burden. City valuations can often be 10% or less of the true market value, they said. >Rather than overhaul the system immediately, the city will gradually update valuations – and the tax – according to the budget documents. Starting in the 2028-2029 tax year, the property va…
it's flying under the radar because people don't read these things and critically think about them.
as per usual, the middle class will take the hit. the people that voted for this will become poorer, and the wealthy will go on as normal.
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And if you're investing in, say, a Fabergé egg, that's a (potential) problem. If you invest in $AMZN, much less so.
> If you invest in $AMZN, much less so. But that's only because there are other people who will happily move money into your control to get that share from you. Doesn't change the fact that the money you spent acquiring it has moved out of your control onward in the economy.
On unoccupied or secondary residences specifically, not on wealth overall. This is more of a housing policy?
It's a luxury tax that only affects people wealthy enough to have a second home in NYC. These people, by virtue of not living there, aren't paying income tax and thus don't contribute as much as someone who is.
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I assure you, unloading property in NYC purchased below actual market value will not be a huge challenge.
You might be surprised how the gov't threatening to take your house every year affects prices. And the ability to get mortgages. And new construction.