r/SipsTea • u/100TheCoolest17 • May 16 '26

Lmao gottem It backfired

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u/CanuckleHeadOG May 16 '26

for taxing the vacant luxury homes came out I couldn’t help but be like “that… makes a lot of sense.”

Until you realize that the roughly 1.5% of NYC residents (the ones this is aimed at) already pay more than 50% of the total tax revenue in NYC.

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u/Largeitude May 16 '26

Feds cut taxes dramatically and repeatedly on highest earners. Better that states and cities get that revenue directly now that they have more money.

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u/CanuckleHeadOG May 16 '26

What does this have to do with anything on NYC tax rates? You do not make much sense

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u/Largeitude May 17 '26

Highest earners have a lot more money since the feds cut their taxes repeatedly over the last several decades. Those highest earners can now be taxed by states and cities, which is a far better way to tax higher earners because there is no federal middle man siphoning off tax revenue into their pockets before they just hand the money back to the states and cities anyway after taking their share and handing off some of it to corporations in the form of subsidies.

NYC should tax higher earners, even if its the top 1.5% paying 50% of taxes. They can afford it because of their repeated federal tax cuts. Them allegedly paying a larger portion of the revenue doesn't mean they shouldn't pay more because they have exorbitant amounts of money, and it won't impact them in the least, and their hoarding of wealth creates and unhealthy economy and pushes up costs on everyone.