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View Diary: Andrew Cuomo's "Tax Free New York" Proposal (106 comments)

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  •  NYC? No. Wall Street. (5+ / 0-)

    Wall Street does basically support the rest of the State, simply because the trillions of electronic dollars pouring through it provide lots of tax revenue despite obscenely low marginal rates.

    But property taxes, sales taxes, and all the other regressive fees and taxes are just as high out in the hinterlands of rural upstate. The rest of the State generates no net tax revenue simply because pro- Wall Street economic policy has obliterated the industrial heart and soul of the Great Lakes region. It's an endless landscape of shuttered factories, shabby Wal-Marts and dying towns.

    •  yes Wall st is a part of it but there are many (1+ / 0-)
      Recommended by:
      joedemocrat

      other industries and businesses in NYC contributing to the economy that have nohting to do with Wall St like the fashion industry, restaurant, broadcasting, arts, TV, news, silicon alley, technology, etc. The taxes may be just as high in the 'hinterlands' but if there's no economic activity it doesn't matter what they are. And while Wall st may have contributed to losing manufacturing it is hardly the only thing and the trend started before the explosion of Wall st with technology being one of the major driving forces.

      "I'm sculpting now. Landscapes mostly." ~ Yogi Bear

      by eXtina on Sun Jun 16, 2013 at 08:01:09 AM PDT

      [ Parent ]

      •  "Technology" didn't destroy the rust belt. (2+ / 0-)
        Recommended by:
        Grabber by the Heel, deep info

        Corporate policy that stopped investing in production in favor of rearranging the financial deck chairs and kicking profits upstairs while screwing union workers did.

        And the fashion 'industry'? Art? High-end restaurants? They're like the servants on the yachts of the rich & famous. Prada and Gucci are no substitute for an actual living, breathing manufacturing economy.

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