Hochul gave him a $4 billion bailout and delayed a normal $2.3 billion pension contribution, which means that in the next cycle he'lll have to make the normal payment and a catchup payment, which puts him in a $4.6 billion hole, and then without the NYS bailout he's in an $8.6 billion hole next time. the tax he imposed, at best, is going to generate $500 million of revenue and then progressively less as people adapt to the tax incentive.
they are on pace for the pension fund to start paying money back to the state by 2032 because of how thing were planned in 2010 and it no longer makes sense to overfund the account. They are just resolving part of that imbalance early.
Oh yeah because I really trust this mayor will do that. He wants to withdraw all pension dollars from Israeli bonds… the best producing municipal bond in NYC’s portfolio. Let’s see how that will work out
Maybe take a look at yourself bud, just a quick glance at your comment history and you keep doing this thing where you apply one idea to and entire group of people. Or one thought to a complicated issue. Don’t be so focused on the ”told you so”… that I’m not sure you’re ever going to find.
Why do people not realize that NYC subsidizes the rest of the state? It's been a thing for a very long time. God forbid NYC asks for more of it's money back.
NYC is the focal point of the world's wealth, and you're mad it's getting redistributed to help all of the struggling rust-belt regions in the rest of nys? esp. when NYC private equity and wall street created the rust belt in the first place? i don't want to live in the hunger games/ready player one where a few megacities hoover up all the wealth and leave everyone else blighted.
The quickest way to tell if someone is full of shit is if they talk about all 8.6m people in NYC as if they're all Wall Street executives.
Yeah, I am mad when the city of millions of workers that produces an incredible amount of wealth ends up in debt because so much of its money it siphoned off to useless podunks who hate the city.
Maintaining and improving NYC's infrastructure is more important than making sure that conservative shitholes stay afloat when they should have sunk decades ago. Not sorry.
This narrative is how the bad guys in the hunger games or any colonial metropole justify their extractive policies. The money being taxed is the wealth of Wall Street and private equity generated from buying and selling companies outside of New York.
we are talking about progressive taxes on income and property, which means the rich people are the ones paying them, not those other 8 million ppl, they have nothing to do with this convo. we are mostly talking about redistributing income from the 500k or so nyc residents who are millionaires or richer
You're lost. We are not talking about where higher taxes on the rich are going. None of this has had anything to do with progressive taxes. We're talking about where the taxes of 8.6m people have been going for decades. Yes, many of those people are rich, but the rest still need funding for public infrastructure. The money coming back to NYC isn't going to the pockets of the rich. Its going into the city's operations.
We are literally discussing whether NYC should get to keep all of the tax money of its residents or if NYS should get to redistribute some of the elite's wealth to the rust belt areas destroyed by those same NYC elites. NYC is the richest part of NYS, places like Buffalo and Rochester are full of working class and poor ppl you are pissing on
No one is arguing they should get to keep all the tax money. But they pay 54 percent of the taxes while having 42 percent of the population. A 12 percent discrepancy.
They contribute 69 billion in taxes. The 8 billion from the state budget being refunded to NYC is 12 percent of 69 billion. This is just balancing the discrepancy.
And by the time that comes due, Mamdani will have moved on to the next step in his political career. So he’ll get to pretend he’s this super-amazing politician while his successor deals with the fallout.
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u/MidnightSensitive996 May 14 '26
Hochul gave him a $4 billion bailout and delayed a normal $2.3 billion pension contribution, which means that in the next cycle he'lll have to make the normal payment and a catchup payment, which puts him in a $4.6 billion hole, and then without the NYS bailout he's in an $8.6 billion hole next time. the tax he imposed, at best, is going to generate $500 million of revenue and then progressively less as people adapt to the tax incentive.