NEW YORK (77WABC) – According to a Bloomberg Report New York City’s future will be decided by how many of these super-wealthy people remain after the pandemic is over.
The top 1% of New Yorkers reported a combined $133.3 billion in income in 2018, according to new data released last month by the city’s Independent Budget Office. They paid $4.9 billion in local income taxes, making up 42.5% of total income tax collected by the city.
Bloomberg’s report states:
“Those numbers show how the decisions of a tiny number of millionaires and billionaires could have huge fiscal consequences for a city of more than 8 million people. In 2018, 1,786 tax filers earned more than $10 million or more…The Independent Budget Office projected in July that the city’s personal income tax revenues will drop by 10%, or $1.3 billion, from the 2020 to 2021 fiscal years.”
The top 1% — about 38,700 taxpayers — earned almost as much as the bottom 90% of New Yorkers. The top 5% earned more than the bottom 95%.
New York Governor Andrew Cuomo made clear what’s at stake this summer when he called on the wealthy to return to the city.
“I literally talk to people all day long who are now in their Hamptons house who also lived here, or in their Hudson Valley house or in their Connecticut weekend house, and I say, ‘You got to come back, when are you coming back?’” Cuomo said in August. “‘We’ll go to dinner, I’ll buy you a drink, come over, I’ll cook.’”