NYC needs its rich residents
NYC needs its rich residents Aspects and Angles/Shutterstock 17 percent of taxpayers earning six-figures or more account for 80 percent of New York City's income tax revenue. The city’s tax system is heavily dependent on high earners. SHARE: New York City is highly dependent on a small and shrinking tax base. Just 17 percent of taxpayers earning six-figures or more account for 80 percent of the city’s income tax revenue, according to the city’s Independent Budget Office. Wealthy New Yorkers leaving the city would have an outsized impact on the ability for City Hall to keep the lights o...
Source: cityandstateny.com