Did AOC and the Ds Wreck NY?

Discussion in 'Politics' started by william the wie, Feb 19, 2019.

  1. william the wie
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    william the wie Gold Member

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    With taxes increasing for high SALT states and the opposition to Amazon still the cause of unfavorable comments NY like CA and IL is no longer the place to invest, if you want to have a net return. There will also be knock on effects in adjoining states. What's your take and how fast do you expect strong declines in NY and similar states?
     
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  2. Dekster
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    Dekster Gold Member

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    The median New York property tax payment is less than $1K more than the median US payment. Even if you are in the top bracket, that is like a couple hundred bucks more in income taxes. I doubt it has a lot of knock on effect. There was a time when the local property taxes on vehicles got so astronomical in the Virginia suburbs of DC, people would just register their vehicles in other other places to avoid them. Didn't mean they really moved even if they officially lived at a relative or friend's house in another part of the state. High taxes encourage more evasion, but not really relocation. NYC, for instance, has a comparatively low property tax rate to a lot of places. I think it is around 80 cents per hundred.
     
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  3. william the wie
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    william the wie Gold Member

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    Sorry I obviously did not make my other points clear enough:

    The Amazon fiasco demonstrated a huge level of regulatory burden and an enormous level of corruption that is discouraging new investment to all of greater NY such as NJ,MD, RI and MA. .

    It also demonstrated aging infrastructure most notably the piers holding up the proposed HQ2.

    Negative comments about NYC abound on all of the market sites. Charlie Munger the number two and designated hatchet man at Berkshire-Hathaway has really torn into NY.
     
  4. Lesh
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    Lesh Gold Member

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    a THREE BILLION DOLLAR tax give away to the wealthiest corporation in the world??
     
  5. Dekster
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    Dekster Gold Member

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    I wasn't aware they were going to build on the waterfront. They dodged a bullet. It would have been a PR disaster when dead rodents started showing up in shipments.

    This corruption was why Trump explained he declared bankruptcy on projects. They would extort huge contract costs. He would get them to do the work/deliver the supplies, not pay them and wait until the bankruptcy court ordered they be paid a more reasonable fee.

    I lived in New York City awhile. Navigating housing is a PITA but otherwise it is fine as long as you are in the entertainment or services sector. It is not so good for things like manufacturing.
     
  6. william the wie
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    william the wie Gold Member

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    Well, there is now a national consensus about investing in the Northeast corridor, just don't.
     
  7. BluesLegend
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    BluesLegend Diamond Member

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    Dem's wrecked NY decades ago. They sank their Dem government spending vampire fangs into every citizen and business and sucked it dry, that's why so much of the state has shriveled up and died. There is nothing Dem's won't tax, fee, or toll in that state.
     
  8. Dekster
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    Dekster Gold Member

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    Perhaps with bricks and mortar, but people invest in NYC every time they make a 401K contribution.
     
  9. kyzr
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    kyzr Gold Member

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    The math could have gone something like this, NY gives $3b in tax breaks to AMZN after AMZN builds new sprawling HQ2 (many construction jobs) and hires 28,000 new permanent well paid AMZN employees generating $27b in net new tax revenue for NY. Now that's all gone to VA, NY is stupid.
     
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  10. BluesLegend
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    BluesLegend Diamond Member

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    Amazon offered NY over $20 billion plus 25,000 jobs plus billions in new construction. NY didn't have to give Amazon one cent, they just had to let Amazon keep a bit more of Amazon's own money via a tax break. Incredibly, stupid shit NY Dems wrecked the deal.
     
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