Results tagged “income”

"The Empire State is being drained of an invaluable resource -- people," proclaims a new study from the Empire Center For NY State Policy. It shows that many New Yorkers are leaving the state in record numbers, and the move is looking to be quite taxing on the state. Between 2000 and 2008, 1.5 million state residents left for other parts of the U.S., leaving the state with a huge loss in taxable income. Nearly 80% of those who left were New York City residents.

Don’t feel so smug if you belong to that tiny percentage of Americans who earn $400,000 a year (or more); to astonishingly wealthy plutocrats like Mayor Bloomberg, you’re still just small potatoes. Asked about the manufactured Republican outcry over Barack Obama’s allegedly extravagant date night in New York, Bloomberg defended the First Couple’s getaway, telling reporters, “The president does not get paid that much. He is on a budget, too.” Well, from Bloomberg’s rarefied perch atop Mount Moneypiles, we probably all look like Dickensian waifs struggling to sell our hair to the wig maker for halfpence, but to the average American, Obama’s hardly “on a budget.” City Room breaks down Obama’s current income: $400,000 a year salary, a $50,000 expense account, a $100,000 nontaxable travel account and a $19,000 entertainment budget. His total compensation package, $569,000 a year, is 11 times the median household income in the U.S., which is around $50,000. Of course, when you've got two private jets; homes in Bermuda, Florida, Colorado and London; and $16 billion in walking around money, you must wonder how poor souls like the President make do on half a million.

More than 27% of New Yorkers are now spending 50% or more of their income on rent, according to a new report issued by Representative Anthony Weiner. That percentage is up 13% since 2002, with 82,159 more NYC residents throwing more than half their income into the ravenous rent hole, as compared to seven years ago. The report, compiled from census data, reveals that Bronx residents have struggled the most, with more than 33% of residents spending half their cash on rent. For residents of Brooklyn and Queens, the number is roughly 28%.

'Eek, don't raise taxes on the rich!' Bloomberg and other plutocrats warn, or else they'll defiantly tie their sweaters around their necks and move somewhere else, where the lower orders have a better appreciation for trickle-down economics. But according to a pretty thorough article in today's Times, there's actually scant evidence that an income tax hike on the wealthy will engender a Park Avenue strewn with tumbleweed. In fact, after 9/11, the state and the city imposed a temporary surcharge on incomes of more than $100,000, and a comptroller study suggests it had little impact on those who make over $250K.

The House Ethics Committee voted to begin an inquiry on Representative Charles Rangel's actions. Rangel's use of Congressional letterhead to solicit donations for a center being built in his honor, multiple rent-stabilized apartments, unreported income from a second home, and other unreported income from property sales have put the powerful Chairman of the House Ways and Means Committee under the microscope (in many of the cases, Rangel has pleaded ignorance). Rangel's lawyer said, "We look forward to fully cooperating with the ethics committee, which we had previously asked to look into these matters. We hope and trust that the ethics committee will find that Mr. Rangel has done nothing intentionally wrong, which we firmly believe.”

The Post suggests that Representative Charles Rangel's income may now be above $200,000, which is more than the $175,000-ceiling to qualify for rent-stabilized apartments. Rangel up until very recently occupied four rent-stabilized units at Lenox Terrace, three for living and one as an office (he gave up the office after the disclosure). Previously, Rangel claimed his income was around $175,000, but there are recent revelations about unreported income from a vacation villa, unreported property sales, and a free parking space for an old car. Of course, the Post points out his landlord doen't have to deregulate his apartments. But the building has tried to kick out rent-stabilized tenants for things like their children sending in rent checks for them (because the tenant was going blind).

The NY Times treats us to a trend piece, sounding off the alarms of a newsflash: ambitious young people subsist on low incomes in NYC! Some choice quotes are sprinkled throughout:
• “For a little while I only ate grapefruits for my lunch because they have a lot of nutrients and they got me through the day.”
• “If I shop, I can’t have a social life and I can’t eat.”
• Before moving from San Francisco last fall, Ms. Werkheiser realized that paying salon prices for platinum tresses in New York would require cutting back on needs like food and shelter. “So I went natural,” said Ms. Werkheiser. “I dyed it dark, a New York brunette.”
• “I find in other cities guys are more apt to buy you drinks and expect nothing from it. Here, if they do buy you a drink, which is rare, you have to suffer through flirtations. It’s true,” she said, adding, “It’s really cheesy.”

But who hasn't snuck flasks into bars, cut their own hair, coveted thy neighbor’s salary, or subleted a walk-in closet in their New York lifetime? Some of the youngsters in the Times piece hope to laugh about this when they're rich and famous, so maybe the article will give them their 15 minutes.

A report released by the Center for Immigration Studies shows that foreign born immigrants living in New York are socioeconomically closer to the average citizen than elsewhere in the country. The study says that New York immigrants are more likely to be in the country legally, have health insurance and tend to be better educated. The New York Times reports that the states with the widest income gaps between immigrants and citizens are California, Texas,...

The Bureau of Labor Statistics has released data showing Manhattan as the country's highest paid place. Thanks to financial executives' salaries, the average weekly salary for a Manhattanite is $2,821. The next highest weekly salary in the country is Fairfield, Connecticut - $1,979. The figure reflect the heady first quarter of 2007. The rest of New York City residents make more modest amounts. Queens residents make an average of $831/week, followed by $788 made in...