Many people are exiting New York and moving to Florida, due to its no state income taxes and the $10,000 cap of state tax deductions on federal tax returns. The overall cost of living in New York is higher today than just about any other state. Florida is now the number one tourist destination in the United States.
Rent is cheeper (a one bedroom around $600 -$800, a three bedroom around $1800), food is 8% less, utilities are 58% cheeper, health care 14% less expensive and oh yeah everything is open including theaters. The lifestyle is also hard to beat. Given the year-round warm weather, beaches, water sports, running, tennis, golf, and even just walking add to a healthier less stress life.
I mention all this, because both houses of New York’s state legislature have proposed budgets that include nearly $7 billion in new and increased taxes on businesses and the rich. New York State will be the most-taxed state in the country’ if this proposals passes.
NYS just received $100 billion of federal aid, including $12.6 billion directly to state government.
On top of that there is a proposed $208.3 billion budget for the next fiscal year. Part of that funding goes to help cover rent costs for New Yorkers who do not have access to unemployment, federal stimulus funds or any assistance programs, meaning the money goes to the only people left…the illegal immigrants that are flooding our boarders.
If you have a home that you only use for vacation or weekends or own a town home, expect to pay extra on your taxes. If you own real estate a 16 – 20% tax hike. This means people who spent their money on rent, entertainment and food, who helped our economy will leave!
An 18% new “surcharge” goes to all corporate franchises, utilities and insurance companies — which means higher bills for us.
During the 1970s, New York lost about 1 million residents and half of their Fortune 500 companies. We are bound to repeat this again with what is proposed. Mayor deBlasio and Governor Cuomo have run NY into the ground. Right now there is set to be a mass exodus of approximately 25 major Fortune 500 companies. In 2019 there were 73 Fortune 500 companies. In 2020 we had 54 companies, which means we lost 19 companies. If 25 more leave that leaves 29 business to foot the bill and why should they?
If the wealthy leave who will then fund the schools, housing, and other fundamental resources?
New York and NYC need leaders who understand a way to bring people and businesses back, not discourage them and push them away or you will have a city of broke people who can not afford a thing!