Sunday, January 8, 2023

More than 2K millionaires fled New York during COVID pandemic: IRS data; Mayor Adams, now is the time to transform NYC — before even more New Yorkers flee, and other C-Virus related stories

Getty Images
More than 2K millionaires fled New York during COVID pandemic: IRS data:
Wealthy New Yorkers fled the Empire State in droves after the COVID pandemic hit — with more than 2,000 millionaires ditching Manhattan, according to the latest Internal Revenue Service data.
Tax filings show that the number of New York state residents who reported an adjusted gross income of more than $1 million fell to 54,370 in 2020 from 55,100 in 2019 — a 1.3% decline.
Manhattan saw an even higher net loss of millionaires in 2020 with 2,393 leaving the borough for the suburbs or moving out of state — more than 10% higher than the number of seven-figure earners who relocated in 2019, according to researcher E.J. McMahon of the Albany-based nonpartisan think tank Empire Center for Public Policy.
The exodus followed a “millionaire’s tax” by disgraced Gov. Andrew Cuomo in 2020 as part of COVID-relief budget that hiked the top rate to 9.65% from 8.82%, making New York the highest-taxed state in the country.
“It’s preposterous to deny that it isn’t one of the key determinants,” McMahon told the Lockport Union-Sun & Journal. “And it’s the variable that the state government controls.”
The state’s plunge in millionaires comes despite a spike in the number of wealthy earners nationally by some 10% — to 608,540 from 554,340, the tax data show. --->READ MORE HERE
John Lamparski/Sipa USA
Mayor Adams, now is the time to transform NYC — before even more New Yorkers flee:
Mayor Adams, as your administration’s second year begins, I have an irrational desire to give you advice. I know advice is annoying; it comes across as criticism, and it’s easy to lob from the cheap seats. But I wouldn’t bother if I didn’t believe in your potential to be a transformational mayor.
Nothing can prepare you for becoming New York City’s chief executive. It takes time to get your legs under you in what is reliably a tough freshman year — but you’ve handled it with diligence and aplomb. You now are in a stronger, smarter, more confident position to make your mark.
Always keep in mind New Yorkers hired a former cop to run the city. It’s a clear message they want a leader who understands the importance of safer, saner, more orderly communities. Own that. It’s a mandate to be bold.
I push back against critics who say you’re too much the man-about-town, with the sharp suits, great posture and confident swagger. These are good things! Your visibility helps build the connective tissue between a successful leader and his constituents. A strong personality and distinctive brand boosts morale among the people — especially in challenging times. Think Churchill’s homburg and cigar, FDR’s glinty glasses and jaunty smile, Robert F. Kennedy’s rolled-up sleeves and floppy hair.
Don’t be afraid to rely on your team. New Yorkers know no one can run this city by himself. You are a more effective Batman, out there saving Gotham, if we know Alfred (or Alfreda) is back in City Hall doing the boring but important stuff. You can and should be the public face, setting the tone, projecting the vision, selling it to the public — and getting the credit. --->READ MORE HERE
Follow links below to relevant/related stories and resources:

More Bosses Order Workers Back to the Office as Job Market Shifts

How to Order More Free COVID-19 Tests From the Post Office

USA TODAY: Coronavirus Updates

WSJ: Coronavirus Live Updates

YAHOO NEWS: Coronavirus Live Updates

NEW YORK POST: Coronavirus The Latest

If you like what you see, please "Like" and/or Follow us on FACEBOOK here, GETTR here, and TWITTER here.

No comments: