Thursday, October 20, 2011

There are only 93 millionaires in the Bronx (REPOST)

We had to delete this post because it was doing something strange to the blog. Here it is again. Jump below for the table, which may have had something to do with the problem.

There are less people from the 1% in the Bronx than there were three years ago.

Check out this spreadsheet from the Department of Taxation and Finance, which shows the amount of people in various tax brackets, county by county. The second county on the list is the Bronx, which had only 93 millionaires in 2009 (the latest year the data is available).

It's a sharp decline for the borough, which had 159 millionaires in 2007. The spreadsheet goes back to 2006, but the borough had more seven-figure income earners in 2007.

According to the Times Union blog Capitol Confidential:
The real trick will be to compare these data to the numbers for 2010. Democratic lawmakers approved a temporary income tax surcharge in the 2009 budget that raised the top tax rate to 8.97 percent for New Yorkers earning over $500,000 and to 6.85 percent for single New Yorkers making over $200,000 or joint filers making more than $300,000. Conservatives as well as Gov. Andrew Cuomo, who ran on the Democratic Party’s line, argue that the higher tax rate is prompting wealthy New Yorkers to move to other states. Cuomo as well as most Republicans controlling the state Senate have refused to renew it.
The tax expires at the end of the year. The fight about this, likely to culminate in next year’s budget battle, has just begun anew.

Manhattan had 14,990 millionaires in 2009, a drop of over 3,000 from 2007, when they had 19,247.

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