Angry New Yorker

Friday, May 09, 2003
Save Our City, Mike Bloomberg tries to tax his way out of hard times. May 9, 2003, Wall Street Journal

By Hugh Carey, Richard Gilder, H. Dale Hemmerdinger, Roger Hertog, Felix G. Rohatyn and Walter B. Wriston

"Last week, Mayor Michael Bloomberg stood on the steps of the New York state capitol and thanked legislators for "coming through" for his city, by giving him permission to impose $700 million in new taxes on Gotham, bringing to nearly $3 billion the total tax increases enacted by the city since the mayor took office. * * * *
Long-term, the damage to the city's economy could be profound. Over the last four decades, New York City has become the most heavily taxed city in America. And as a result, Gotham has not added a single net new private-sector job over that period of time, while local government jobs have grown by more than 20% -- 90,000 positions.

The private sector in New York has stagnated because high taxes have driven both businesses and individuals out of town. The city perpetually has a net outflow of residents -- more people leave the city to live elsewhere in the U.S. than come here from somewhere else in America. The outflow is especially intense among families earning more than $100,000 a year. Yet the city is again increasing the tax rates on these individuals, arguing that they are most able to bear the added costs of higher taxes."

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