by ReverseEngineer » Thu 06 Nov 2008, 04:18:02
$this->bbcode_second_pass_quote('cube', 'I') never knew a city could impose an income tax, I thought that was the exclusive domain of Federal + State government ......NOT local government.
Where do you figure the money comes from to run a Police Force the size of New York's Finest, a Fire Department the size of New York's Bravest, and a Sanitation Department the size of New York's Cleanest? LOL. Not to mention the miles of city owned roads and underlying infrastructure of tunnels and cables and of course those Water Tunnels that bring the water from the upstate watershed into NYC?
Some property taxes do the job also, but a city like NY is one VERY expensive proposition to run. It sure doesn't help the Bottom Line of such a city when some of their HIGHEST taxpayers, like the brokers from Lehman and Lehman itself is Outta Biz. Not to mention big taxpayers like Goldman will no doubt show a LOSS on tax returns this year and even though functioning won't be paying taxes EITHER. No Profit here to tax.
How will NYC PAY New York's Bravest and Finest next year? When I lived in NY, I paid my Income Tax there along with the State And Fed Income taxes. Its the price you have to pay to run such lage organizations, so you can have roads to travel on, police to protect your property, a military to protect your nation.
Taxes can only work however in a functioning economy that really produces something, and with the collapse of the Financial Industry and Trade coming to about a complete STANDSTILL, its hard to see exactly what a city like NY actually PRODUCES?
Lining up at the Fed for a Bailout next year will be NYC, along with many of our major metros. They will print more Funny Money to pay the salaries of New Yorks Finest and Bravest, because without them the cities will devolve into chaos and they will Burn. Maybe the Funny Money works for another year to keep the system going. Not much longer than that though.
Reverse Engineer