[ec109685]

People making over 5M a year, are going to move in order to pocket 3% more?

[paul_f]

This is not taxing income, it is a tax on net worth. This is not done because it is completely unworkable. If I own a successful business, who gets to decide what it is worth?

[ac29]

> If I own a successful business, who gets to decide what it is worth?

The market, if its publicly traded. This proposed law is about taxing the Zuckerberg's and Musk's in the State, not worrying about putting a precise value on smaller assets.

[joemazerino]

3% of 5M is $150,000. Not shabby.

One percenters often have multiple houses to move to so this isn't some major obstacle.

[iszomer]

I heard a rumor that governor Cuomo wants the 1% back but mayor De Blasio told them to fuck off. _scratches head_

[ec109685]

The 3% rate applies only income above 5M.

[robk]

Google had a lot of pre ipo refugees. It's sort of the reason we opened the Zurich and Seattle offices.