dust1990 t1_j9va7sm wrote on February 24, 2023 at 8:29 PM

Reply to comment by WickhamAkimbo in NYC’s budget deficit projected to near $14B by 2027: state comptroller by drpvn

I agree with that. But the wealthy can afford to live here up to 182 days per year without having to pay a cent in income tax. Lower the rates so they're not incentivized to do that domicile dance and you likely could make them a full-time, income tax paying resident spending money in the city.

WickhamAkimbo t1_j9vffqe wrote on February 24, 2023 at 9:03 PM

Probably makes more sense to just change the law to tax them on a prorated basis based on residency, with maybe a 2-month minimum required for tax purposes. Again, they want to be here for cultural and economic reasons. The advantage is in the city's favor and the rates seem reasonable given that. A short-term tax break could help lure some of these people back faster though.

dust1990 t1_j9vlyyl wrote on February 24, 2023 at 9:45 PM

That would likely get struck down as unconstitutional. It would raise a host of issues: due process, privileges & immunities, equal protection, commerce clause.