US Politics on Sidechat | Ppl be like oh don’t elect Mamdani or else all the billionaires will leave NY 😭 Ok fucking good?

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US Politics 1w

Ppl be like oh don’t elect Mamdani or else all the billionaires will leave NY 😭 Ok fucking good?

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Anonymous 1w

the reason the billionaires are spending tens of millions to convince ppl they'll leave is because they don't want to and probably won't. it's a gambit. they're holding the city hostage to continue leeching off hard working americans

Anonymous 1w

I’ll present the flip side of this: DE passed changes to corporate law that were partially demanded by Musk and other corporations. Some of them made sense and offered more clarity and predictability for corporations, but others didn’t or clearly made it harder for shareholders to sue. It was presented to Delawareans as “if we don’t make these changes the corporations will leave and then our schools are fucked because we depend on franchise tax”

Anonymous 1w

Of billionaires leave New York eventually their business will to, I’m not in support of like billionaires or wtv but logistically looking at it, if billionaires end up leaving then we’re cooked cause their business goes with them which would deminish the business and economy of New York and there isn’t a major city in the US that can take over it’s spot immediately (even LA or San Fran) which would result in another country having that business/financial hub that New York represents and if-

Anonymous 1w

Tax revenue 📉

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Anonymous

#3 1w

TL;DR: it was passed and a few big companies still left DE anyway for political reasons. Most lawyers are probably still going to tell you to incorporate your business in DE. All the other states just copy off of us now lmao

Anonymous

#4 1w

That happens it would lead to the US slowly losing its power on the world

Anonymous

#4 1w

They’d have to convince their employees to leave with them. They can’t exactly pack up shop by themselves. And the NYSE is still there

Anonymous 1w

Cool now rent in Dallas can be 10k month, you can have them we don’t fuckin want em lol

Anonymous 1w

i doubt anything major is getting built with the tariffs on steel, aluminum and copper, among other issues

Anonymous 1w

Net migration to Austin is slowing already. Tesla moved back to CA. Oracle moved to Nashville. Not as many people want to live in Dallas as one would think

Anonymous

#3 1w

Not necessarily, employees aren’t valuable nowadays and there are millions more looking for jobs so it wouldn’t be that hard, even with the NYSE it won’t be enough to keep New York the way it is without the businesses

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Anonymous

#6 1w

Mfs always say this as if billionaires are actually taxed significantly in the first place. What’s the point of keeping the billionaires and the accompanying price hikes “for tax revenue” if we refuse to actually tax them?

Anonymous

#7 1w

40% of New York City’s tax revenues comes from the top 1%. Do you know how devastated New York City social services would be with a 40% budget cut?

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Anonymous

#6 1w

wrong. they pay around 40% of personal income tax revenues, which is around 20% of all collections you're also boldly assuming 100% of millionaires are going to move out of the city over a 2% income tax increase which is absurd

Anonymous

#1 1w

I’m not assuming any of that, do you know how much of a crisis even a 5% reduction in revenues would cause?

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Anonymous

#6 1w

Do *you* know how much the tax hikes are expected to rake in? That 40% of PIT is estimated to rise to 60%. That's the whole point. The few runners will be dwarfed by the stayers Historically tax hikes don't cause massive outflows because housing for the New York elite is a LUXURY PRODUCT and rich people are happy paying LUXURY PRICES. Much of NYs housing experiences the Veblen effect (demand often goes up for luxury products when the price rises, contrary to the classic supply-demand model)

Anonymous

#8 1w

Estimated by who? Under what assumptions? I know you’re excited to show off vocab words you learned in your intro to macroeconomics class, but you can just claim something is a veblen good without evidence. I don’t think there is a single example of taxes functioning that way and it seems naive to claim that this will be the first time in history.

-1