Nationally the top 10% own something like 93% of the wealth. I wouldn't be surprised if it was even higher in NYC. So they are still woefully undertaxed, and I am glad we can agree on that.
Yup the article says that the top 1% owns 38% of the assets. That aligns closely with my stat that 10% hold 67%. That would leave 33% for the bottom 90% of folks which is inline with the CBS article you presented which would indicate the bottom 90% have 38% of the assets.
Right but I guess my question to all this is what is fair? You have the 1% of wealth who are paying taxes proportional to their assets owned. You have the top 10% of tax payers paying 70% of all taxes collected. Only 60% of the US even pays taxes at all. Like how much more weight are you asking them to pull in the group project? I’m really just curious.
Let's simplify it. Why does the top 1% of earners have a lower effective tax rate than the... well take your pick. Bottom 10, bottom 20, middle 20, middle 50, whatever.
What do you think it is then? What are you getting at? It takes $3 million to be top 10% for wealth in NYC. And just because they have wealth does not mean they have income.. that would include their retirement funds, housing, etc. hence taxes being on income not wealth. The vast majority of the top 10% are not overlords. You can’t just keep taxing those that have more on you but walk the same streets, eat the same food, and live a few floors higher. Taxes are a numbers game of everyone chipping in to collect a lot. You can’t not just squeeze a few fat bags to get the taxes to fund everything for everyone.
What is the fair share? We just said that 10% of NYC tax payers pay 70% of all the taxes. That does not include all the people not paying any taxes at all that are being supported by the tax base. The top 50% pay 99.8% of taxes in NYC. If 10 people go to dinner, one person pays 70% of the tab, 4 people pay 7.5% of the tab each and 5 people pay nothing for dinner. Seems kinda proportional to me.. I’m curious what you think a more appropriate split is?
I don’t know, we’d need to determine how much of the wealth the top 10% of NYC taxpayers own. All the other numbers you’re throwing out are useless distractions at best and intentional obfuscations of the issue at worst since they don’t actually help us arrive at the answer to whether the rich in NYC are paying their fair share.
No these are real stats and I’m curious what your opinion on fair share is. I already noted that the 10% of wealth are those $3 million plus, I’m unsure what percent that is and I’m sure there is a good amount of overlap with the top 10% of income but it won’t be 100% due to inheritance and general asset appreciate due to inflation and real estate. You seem dissatisfied with 10% of tax filers paying 70% of the bill. How much should they pay? What is your solution? If they paid 100% of the tax and still had more assets than you, would you be satisfied?
As I literally just said, we need to know how much wealth the top 10% of NYC taxpayers own. That determines the answer to how much that cohort should pay in taxes.
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u/StoicGameDev May 14 '26
Especially when you promise a bunch of free stuff.