(11-06-2025 08:30 AM)Redwingtom Wrote:  Well...if you expect Democrats to hold their elected officials accountable...as we've seen with trump, Republicans certainly don't.

(11-06-2025 08:39 AM)MemTigers1998 Wrote:  

(11-06-2025 08:30 AM)Redwingtom Wrote:  Well...if you expect Democrats to hold their elected officials accountable...as we've seen with trump, Republicans certainly don't.

Trump is doing the things he campaigned and won on. Gotten Bidenflation under control, throwing out the illegal aliens the previous admin flooded the country with, etc. It’s why you stupid losers have your No Kings protests

(11-06-2025 08:22 AM)Tiger1983 Wrote:  Mamdani, like most Dem's, promised lots of free stuff using other people's money to get elected. Now he has to deliver.

Unlike the Feds, NYC cannot print money. They have to operate within their revenue and NYC already has a budget shortfall in the billions

The Wall Street Journal published an article about the cost of Mamdani's promises and the plan to pay for it. https://www.wsj.com/us-news/the-economics-behind-zohran-mamdanis-biggest-plans-71551f5a

Here are the highlights:

Revenue
1. Raise the highest state corporate tax rate from 7.25% to 11.5% and generate - per Mandani's campaign- $5 billion dollars.
a. Approval needed from State of NY
b. no explanation given about how the money would flow back to NYC from the State
c. Creates incentive for businesses to leave and/or raise prices in NYC and not necessarily elsewhere. T"he overwhelming majority of New York’s corporate tax revenue stems from a small percentage of corporations...." My aside: tax revenue could take a major hit with just a few firms exiting NYC. Remember, public firms have a fiduciary duty to take actions to increase shareholder value. They will have to justify how paying more taxes when other alternatives are available are in the shareholders financial interest.
d. My aside: Corporate taxes revenues are volatile because they are highly dependent on profitability. An economic downtown will almost certainly result in less tax revenue.

2. "Millionaire's Tax" - $4 billion according to Mamdani campaign
a. "Mamdani’s proposal would make the combined city and state personal income-tax rate the highest in the country for those earning a little over $1 million..."
b. Approval needed from State of NY
c. Creates an incentive for the targeted people to leave
d. Income tax revenues are volatile because they are highly dependent on amount of income. An economic downtown or stock market decline will almost certainly result in less tax revenue.

Costs:
1. Universal child care - $6 billion annually according to Mamdani campaign. Other cost estimates range up to $9.5 billion.

2. New rent stabilized units - $7 billion annual for ten years
a. "The $70 billion borrowing plan exceeds the city’s current debt limit". State of NY approval needed to raise the debt limit.
b. Bond interest rates could potentially increase.

3. Rent freeze on rent-stabilized units - eventual annual cost could be around $3 billion
a. Creates incentive for landlords to take units off the market or provide less maintenance and upkeep.

4. Fast and free buses - about $800,000,000 annually per Mamdani campaign. "MTA CEO Janno Lieber has said the cost of free buses could start approaching $1 billion annually in the next several years."
a. A $3 billion recurring budget MTA shortfall already exists

My aside: If you see a revenue/cost matching problem, it is not your imagination. Using the article's figures, total projected annual revenue increases (assuming no one leaves and no economic downturn) is $9 billion while total projected annual expenses are at least $13.8 billion and very likely more.

(11-06-2025 08:30 AM)Redwingtom Wrote:  Well...if you expect Democrats to hold their elected officials accountable...as we've seen with trump, Republicans certainly don't.

(11-06-2025 08:39 AM)MemTigers1998 Wrote:  

(11-06-2025 08:30 AM)Redwingtom Wrote:  Well...if you expect Democrats to hold their elected officials accountable...as we've seen with trump, Republicans certainly don't.

Trump is doing the things he campaigned and won on. Gotten Bidenflation under control, throwing out the illegal aliens the previous admin flooded the country with, etc. It’s why you stupid losers have your No Kings protests

(11-06-2025 09:13 AM)b0ndsj0ns Wrote:  Inflation has been under control since essentially the end of 2023. It was at roughly 3% for all of 2024 and is still at roughly the same level. This is where I actually agree with Trump, that I think the Fed has been way too slow to lower rates, as I am of the belief that most of the inflation was supply side and "greedflation" rather than demand side that they needed to crush with rate hikes in the first place. IMO Powell has not done a good job and you wouldn't hear me argue if Trump did fire him. I'm not bothered by the precedent it would set, I actually think monetary policy should be more tied to public sentiment and the will of the people than what the "smartest guys in the room" think it should be.

(11-06-2025 08:30 AM)Redwingtom Wrote:  Well...if you expect Democrats to hold their elected officials accountable...as we've seen with trump, Republicans certainly don't.

(11-06-2025 11:16 AM)CardinalJim Wrote:  

(11-06-2025 09:13 AM)b0ndsj0ns Wrote:  Inflation has been under control since essentially the end of 2023. It was at roughly 3% for all of 2024 and is still at roughly the same level. This is where I actually agree with Trump, that I think the Fed has been way too slow to lower rates, as I am of the belief that most of the inflation was supply side and "greedflation" rather than demand side that they needed to crush with rate hikes in the first place. IMO Powell has not done a good job and you wouldn't hear me argue if Trump did fire him. I'm not bothered by the precedent it would set, I actually think monetary policy should be more tied to public sentiment and the will of the people than what the "smartest guys in the room" think it should be.

You sure you ain’t been red-pilled?

(11-06-2025 11:30 AM)ECUGrad07 Wrote:  

(11-06-2025 08:30 AM)Redwingtom Wrote:  Well...if you expect Democrats to hold their elected officials accountable...as we've seen with trump, Republicans certainly don't.

Trump is doing everything I voted for.

(11-06-2025 02:04 PM)Eldonabe Wrote:  

(11-06-2025 11:30 AM)ECUGrad07 Wrote:  

(11-06-2025 08:30 AM)Redwingtom Wrote:  Well...if you expect Democrats to hold their elected officials accountable...as we've seen with trump, Republicans certainly don't.

Trump is doing everything I voted for.

Me too including getting under Tom's skin.

(11-06-2025 08:22 AM)Tiger1983 Wrote:  Mamdani, like most Dem's, promised lots of free stuff using other people's money to get elected. Now he has to deliver.

Unlike the Feds, NYC cannot print money. They have to operate within their revenue and NYC already has a budget shortfall in the billions

The Wall Street Journal published an article about the cost of Mamdani's promises and the plan to pay for it. https://www.wsj.com/us-news/the-economics-behind-zohran-mamdanis-biggest-plans-71551f5a

Here are the highlights:

Revenue
1. Raise the highest state corporate tax rate from 7.25% to 11.5% and generate - per Mandani's campaign- $5 billion dollars.
a. Approval needed from State of NY
b. no explanation given about how the money would flow back to NYC from the State
c. Creates incentive for businesses to leave and/or raise prices in NYC and not necessarily elsewhere. T"he overwhelming majority of New York’s corporate tax revenue stems from a small percentage of corporations...." My aside: tax revenue could take a major hit with just a few firms exiting NYC. Remember, public firms have a fiduciary duty to take actions to increase shareholder value. They will have to justify how paying more taxes when other alternatives are available are in the shareholders financial interest.
d. My aside: Corporate taxes revenues are volatile because they are highly dependent on profitability. An economic downtown will almost certainly result in less tax revenue.

2. "Millionaire's Tax" - $4 billion according to Mamdani campaign
a. "Mamdani’s proposal would make the combined city and state personal income-tax rate the highest in the country for those earning a little over $1 million..."
b. Approval needed from State of NY
c. Creates an incentive for the targeted people to leave
d. Income tax revenues are volatile because they are highly dependent on amount of income. An economic downtown or stock market decline will almost certainly result in less tax revenue.

Costs:
1. Universal child care - $6 billion annually according to Mamdani campaign. Other cost estimates range up to $9.5 billion.

2. New rent stabilized units - $7 billion annual for ten years
a. "The $70 billion borrowing plan exceeds the city’s current debt limit". State of NY approval needed to raise the debt limit.
b. Bond interest rates could potentially increase.

3. Rent freeze on rent-stabilized units - eventual annual cost could be around $3 billion
a. Creates incentive for landlords to take units off the market or provide less maintenance and upkeep.

4. Fast and free buses - about $800,000,000 annually per Mamdani campaign. "MTA CEO Janno Lieber has said the cost of free buses could start approaching $1 billion annually in the next several years."
a. A $3 billion recurring budget MTA shortfall already exists

My aside: If you see a revenue/cost matching problem, it is not your imagination. Using the article's figures, total projected annual revenue increases (assuming no one leaves and no economic downturn) is $9 billion while total projected annual expenses are at least $13.8 billion and very likely more.

(11-06-2025 03:34 PM)Attackcoog Wrote:  

(11-06-2025 08:22 AM)Tiger1983 Wrote:  Mamdani, like most Dem's, promised lots of free stuff using other people's money to get elected. Now he has to deliver.

Unlike the Feds, NYC cannot print money. They have to operate within their revenue and NYC already has a budget shortfall in the billions

The Wall Street Journal published an article about the cost of Mamdani's promises and the plan to pay for it. https://www.wsj.com/us-news/the-economics-behind-zohran-mamdanis-biggest-plans-71551f5a

Here are the highlights:

Revenue
1. Raise the highest state corporate tax rate from 7.25% to 11.5% and generate - per Mandani's campaign- $5 billion dollars.
a. Approval needed from State of NY
b. no explanation given about how the money would flow back to NYC from the State
c. Creates incentive for businesses to leave and/or raise prices in NYC and not necessarily elsewhere. T"he overwhelming majority of New York’s corporate tax revenue stems from a small percentage of corporations...." My aside: tax revenue could take a major hit with just a few firms exiting NYC. Remember, public firms have a fiduciary duty to take actions to increase shareholder value. They will have to justify how paying more taxes when other alternatives are available are in the shareholders financial interest.
d. My aside: Corporate taxes revenues are volatile because they are highly dependent on profitability. An economic downtown will almost certainly result in less tax revenue.

2. "Millionaire's Tax" - $4 billion according to Mamdani campaign
a. "Mamdani’s proposal would make the combined city and state personal income-tax rate the highest in the country for those earning a little over $1 million..."
b. Approval needed from State of NY
c. Creates an incentive for the targeted people to leave
d. Income tax revenues are volatile because they are highly dependent on amount of income. An economic downtown or stock market decline will almost certainly result in less tax revenue.

Costs:
1. Universal child care - $6 billion annually according to Mamdani campaign. Other cost estimates range up to $9.5 billion.

2. New rent stabilized units - $7 billion annual for ten years
a. "The $70 billion borrowing plan exceeds the city’s current debt limit". State of NY approval needed to raise the debt limit.
b. Bond interest rates could potentially increase.

3. Rent freeze on rent-stabilized units - eventual annual cost could be around $3 billion
a. Creates incentive for landlords to take units off the market or provide less maintenance and upkeep.

4. Fast and free buses - about $800,000,000 annually per Mamdani campaign. "MTA CEO Janno Lieber has said the cost of free buses could start approaching $1 billion annually in the next several years."
a. A $3 billion recurring budget MTA shortfall already exists

My aside: If you see a revenue/cost matching problem, it is not your imagination. Using the article's figures, total projected annual revenue increases (assuming no one leaves and no economic downturn) is $9 billion while total projected annual expenses are at least $13.8 billion and very likely more.

My guess is New York is about to enter a Detroit like spiral where the "well to do" flee the cities taxing power. Once that begins----its a self licking ice cream cone of destruction. More well to do leave, the city needs to raise taxes even higher on the well to do who remain in the city----spurring even more high earners to leave. Eventually, the high earners and companies that can leave will---leaving behind a city full of folks who want free stuff they cant pay for----and no high earners left to pay for it. Lucky there will be a Communist State Owned Grocery Store----otherwise there probably would not be a grocery store left in that nutty town. So---I guess this commie plan will at least keep NY from becoming a food desert. I wonder how long before the stock exchanges exit stage left.....and the fantastic state owned grocery store starts looking like the bare shelved Russian groceries of the late stage USSR.

(11-06-2025 03:34 PM)Attackcoog Wrote:  

(11-06-2025 08:22 AM)Tiger1983 Wrote:  Mamdani, like most Dem's, promised lots of free stuff using other people's money to get elected. Now he has to deliver.

Unlike the Feds, NYC cannot print money. They have to operate within their revenue and NYC already has a budget shortfall in the billions

The Wall Street Journal published an article about the cost of Mamdani's promises and the plan to pay for it. https://www.wsj.com/us-news/the-economics-behind-zohran-mamdanis-biggest-plans-71551f5a

Here are the highlights:

Revenue
1. Raise the highest state corporate tax rate from 7.25% to 11.5% and generate - per Mandani's campaign- $5 billion dollars.
a. Approval needed from State of NY
b. no explanation given about how the money would flow back to NYC from the State
c. Creates incentive for businesses to leave and/or raise prices in NYC and not necessarily elsewhere. T"he overwhelming majority of New York’s corporate tax revenue stems from a small percentage of corporations...." My aside: tax revenue could take a major hit with just a few firms exiting NYC. Remember, public firms have a fiduciary duty to take actions to increase shareholder value. They will have to justify how paying more taxes when other alternatives are available are in the shareholders financial interest.
d. My aside: Corporate taxes revenues are volatile because they are highly dependent on profitability. An economic downtown will almost certainly result in less tax revenue.

2. "Millionaire's Tax" - $4 billion according to Mamdani campaign
a. "Mamdani’s proposal would make the combined city and state personal income-tax rate the highest in the country for those earning a little over $1 million..."
b. Approval needed from State of NY
c. Creates an incentive for the targeted people to leave
d. Income tax revenues are volatile because they are highly dependent on amount of income. An economic downtown or stock market decline will almost certainly result in less tax revenue.

Costs:
1. Universal child care - $6 billion annually according to Mamdani campaign. Other cost estimates range up to $9.5 billion.

2. New rent stabilized units - $7 billion annual for ten years
a. "The $70 billion borrowing plan exceeds the city’s current debt limit". State of NY approval needed to raise the debt limit.
b. Bond interest rates could potentially increase.

3. Rent freeze on rent-stabilized units - eventual annual cost could be around $3 billion
a. Creates incentive for landlords to take units off the market or provide less maintenance and upkeep.

4. Fast and free buses - about $800,000,000 annually per Mamdani campaign. "MTA CEO Janno Lieber has said the cost of free buses could start approaching $1 billion annually in the next several years."
a. A $3 billion recurring budget MTA shortfall already exists

My aside: If you see a revenue/cost matching problem, it is not your imagination. Using the article's figures, total projected annual revenue increases (assuming no one leaves and no economic downturn) is $9 billion while total projected annual expenses are at least $13.8 billion and very likely more.

My guess is New York is about to enter a Detroit like spiral where the "well to do" flee the cities taxing power. Once that begins----its a self licking ice cream cone of destruction. More well to do leave, the city needs to raise taxes even higher on the well to do who remain in the city----spurring even more high earners to leave. Eventually, the high earners and companies that can leave will---leaving behind a city full of folks who want free stuff they cant pay for----and no high earners left to pay for it. Lucky there will be a Communist State Owned Grocery Store----otherwise there probably would not be a grocery store left in that nutty town. So---I guess this commie plan will at least keep NY from becoming a food desert. I wonder how long before the stock exchanges exit stage left.....and the fantastic state owned grocery store starts looking like the bare shelved Russian groceries of the late stage USSR.

(11-06-2025 03:57 PM)Eagleaidaholic Wrote:  All part of the plan. I explained what they want to happen. The wealthy leave, Real Estate values sink, then the state offers grants to increase "housing" and the Muslim leaders use the money to buy up the buildings and fill them with Muslim Immigrants and the tax payers of the state pay for them to live there. We've seen this all before. They're locusts.

(11-06-2025 04:05 PM)Eldonabe Wrote:  

(11-06-2025 03:57 PM)Eagleaidaholic Wrote:  All part of the plan. I explained what they want to happen. The wealthy leave, Real Estate values sink, then the state offers grants to increase "housing" and the Muslim leaders use the money to buy up the buildings and fill them with Muslim Immigrants and the tax payers of the state pay for them to live there. We've seen this all before. They're locusts.

So the begs the question, what happens in 4 years when the next big city election has a Mamdani clone running to do the same thing... will the people still be dumb enough to vote for M2.0?