New York City is edging toward financial disaster, experts warn
https://nypost.com/2019/03/09/new-york-city-is-edging-toward-financial-disaster-experts-warn/New York City is careening closer to all-out financial bankruptcy for the first time since Mayor Abraham Beame ran the city more than 40 years ago, experts say.
As tax-fleeced businesses and individuals flee en masse, and city public spending surges into the stratosphere, financial analysts say Gotham is perilously near total fiscal disaster.
Long-term debt is now more than $81,100 per household, and Mayor de Blasio is ramping up to spend as much as $3 billion more in the new budget than the current $89.2 billion.
New York City is on the road to financial collapse.
Other startling indicators:
New York state — and city — are ranked No. 1 nationwide in state and local tax burden.
Property taxes, almost half of the city’s revenue, is rising faster than any other revenue source — squeezing businesses and forcing homeowners, already hit by federal property tax deduction changes, to relocate to lower-tax states.
The top 1 percent of New York City earners pay some 50 percent of Big Apple income tax revenue.
“New York City could go bankrupt, absolutely,” said Peter C. Earle, an economist at the American Institute for Economic Research.
New York City and New York are overtaxed. New York City has high property tax on top of other taxes the city has. Overtaxed areas are the ones with financial problems. Just look at New Jersey, Illinois, Connecticut, and Massachusetts. Name a low tax place that has financial problems.