The governor of New York has begged the city’s wealthy, who fled the coronavirus outbreak, to return and help it recover.
Andrew Cuomo said he was extremely worried about New York City weathering the Covid-19 aftermath if too many of the well-heeled taxpayers who fled to second homes decide there is no need to move back.
“They are in their Hamptons homes, or Hudson Valley or Connecticut. I talk to them literally every day. I say. ‘When are you coming back? I’ll buy you a drink. I’ll cook,’ “ Mr Cuomo told MSNBC, naming popular getaways for the rich.
“They’re not coming back right now. And you know what else they’re thinking, if I stay there, they pay a lower income tax because they don’t pay the New York City surcharge. So, that would be a bad place if we had to go there.”
Lawmakers have proposed a wealth tax targeting the city's 100 billionaires to help fill a $30 billion (£23bn) budget shortfall created by the Covid-19 crisis.
However, Mr Cuomo, a Democrat, said he could not support greater taxes on the ultra-wealthy as rich people already have one foot out of New York City and he fears they will leave for good if their taxes go up.
Instead, he wants the federal government and New York's congr... (Read more)
Submitted 54 days ago