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What does Trump’s second term for Washington, Business and the world mean

Does a big city make great? archive? Restaurant? The population of extremely rich financiers? New York may be detected. The Pick of the Democratic Party for the upcoming Mayor election triggers a wave of hand -writing from the Wall Street Elite, and there are predicted concerns, if the last mayor is not a person with whom they can talk with Turkey, they will pick up sticks and take their luck elsewhere.

Certainly, Democratic Socialist Zoharan Mamdani, who won the primary primary last week, participated on a platform for the city’s rich on a platform. He wants to increase the corporate tax rate from 7.25 percent to 11.5 percent and increases the city’s income tax on those who earn a $ 1MN or two percent marks despite their main rival Andrew Kuomo, which raises more funding, Mamdani easily reinforced the “cheap crisis” for the working class.

A rich case, especially in a city like New York. According to the city government, the top 1 percent tax filers paid about half of the city’s income tax. The park avenue jet set is a demographic with which not to be tightened.

However, that slices of Big Apple have proved to be surprisingly disliked. True, during the epidemic, it was the wealthiest who was the most capable of leaving the city and working from far away. But before and after that period, the top 1 percent – which are earning more than $ 815,000 – according to the fiscal policy institute, left the city at a quarter of the rate of all. In 2017 and 2021, tax growth had no meaningful effect.

It is not to say that Florida and Texas will not be more enticing at this time. But for those who can afford big cities, facilities and suitability often prove to be worth excess tax burden.

For other parts of the city’s population, things seem less encouraging. Last year, Washington DC-based Economic Innovation Group A report released It showed that it is described as a “shocking” post-pandemic decline in the population of children under 5 years of age in a major American cities, including a 18 percent decline in the city of New York. The city’s current 8.5MN population, despite pure migration, is slightly smaller in early 2020.

Mamdani plans to make life easier for families, by helping universal access to housing and childcare. Of course, subsidy in part will be given by Wall Street Elite. They want to remember that their own businesses require a stable stream of young, potentially child’s talent. Given how much benefit the owner of the universe is and enjoys a healthy, rich large apple, there should be a place for some kind of coitus.

sujeet.indap@ft.com