Dan Romero
@dwr.eth
I have no horse in this race, but will be an interesting economic experiment if these proposed tax policies get implemented. Both corporations and HNWI are sensitive to increases in marginal tax rates. And while most won't move, even a small % that do move to Florida or Connecticut will have a big impact on the budget. Most knowledge work is not rooted in a physical place, e.g. the NYSE floor doesn't matter, so physical space is more fungible both across state lines and remote work more generally. What is not easily measurable is future businesses that get started elsewhere. The next hedge fund—which pays taxes and spends a lot of money on services in the city—ends up in another state. San Francisco has tried this with Prop C and Prop L and both are underperforming forecasts (not to mention the impact on all the local businesses with fewer workers in office buildings downtown).
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rubinovitz
@rubinovitz
Consequence of many on the left pretending they can completely opt out of capitalism in a capitalistic society is they don’t know how businesses work. 🫠 I think Mamadani does though and that’s a shame.
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Dean Pierce 👨💻🌎🌍
@deanpierce.eth
Isn't it more that people on the left are demanding that the ultra wealthy, who have increasingly been dodging taxes, start paying their fair share again? Wealth disparity has never been higher, especially in NYC. The ultra wealthy will be fine dialing back the parasitism a couple notches, and hungry kids can eat again.
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rubinovitz
@rubinovitz
Did you read Dan’s initial post?
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Dean Pierce 👨💻🌎🌍
@deanpierce.eth
Sure, but I also think it's pretty silly to start knowledge work companies in areas with overpriced real estate. I don't think "keeping the knowledge work" is really on the agenda of anyone making these decisions. I think that market proximity (speed of light restrictions) and sunk real estate costs are going to anchor enough people to NYC that they'll actually need to support the rest of the people who live there, and that's a good thing. Wealth disparity always leads to violence, and the easiest way to reduce violence, IMO, is to tackle wealth disparity. Zohran explains the math on this in the video Dan posted, and it's not too complicated. Reasonable tax policies will pay for a lot of what the most vulnerable in NYC need to live their best lives, which isn't actually a lot.
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Dan Romero
@dwr.eth
> Zohran explains the math on this in the video Has math in this video doesn't have a breakeven analysis. Reality is some people and businesses will relocate. This happened in San Francisco with similar increases.
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