Uploaded July 2026 | Updated September 2026, 3 weeks ago
New York is squeezing Wall Street at the exact moment the money found somewhere else to go.
Get the $1 AI trading system: skool.com/coinpicksgenesis
The mayor filmed outside Ken Griffin's $238 million penthouse, at one time the most expensive home sold in the United States, and said today we are taxing the rich. That video did 52 million views.
What passed is a tax on luxury second homes. The real plan is bigger. City income tax on earners above $1 million would go from 3.88% to 5.88%. He calls that 2%. Proportionally it is a 52% increase. Albany has said no to it so far.
And here is why it may not raise what he thinks. California ran this play in 2012 with Proposition 30, up to 3 percentage points on top earners. Stanford researchers went through the actual returns and found the state lost 45.2% of the expected revenue in year one and 60.9% within two years. Most of it did not come from people leaving. It came from people who stayed and shifted income. Deferred bonuses, stock instead of cash, sales pushed a year out. All legal.
Griffin already moved Citadel's headquarters to Miami in 2022. Citadel Securities handles about one in four American stock trades, and that firm helped launch a crypto exchange with Fidelity and Schwab. Florida has no state income tax.
About 34,000 filers pay 40% of the city's income tax. This plan pushes that past 60%.
What this means for your money: when the pipes of finance can move, tax policy stops being local. Watch where the market makers register, not where the headlines are. The next state budget lands April 1.
skool.com/coinpicksgenesis
New York is squeezing Wall Street at the exact moment the money found somewhere else to go.
Get the $1 AI trading system: skool.com/coinpicksgenesis
The mayor filmed outside Ken Griffin's $238 million penthouse, at one time the most expensive home sold in the United States, and said today we are taxing the rich. That video did 52 million views.
What passed is a tax on luxury second homes. The real plan is bigger. City income tax on earners above $1 million would go from 3.88% to 5.88%. He calls that 2%. Proportionally it is a 52% increase. Albany has said no to it so far.
And here is why it may not raise what he thinks. California ran this play in 2012 with Proposition 30, up to 3 percentage points on top earners. Stanford researchers went through the actual returns and found the state lost 45.2% of the expected revenue in year one and 60.9% within two years. Most of it did not come from people leaving. It came from people who stayed and shifted income. Deferred bonuses, stock instead of cash, sales pushed a year out. All legal.
Griffin already moved Citadel's headquarters to Miami in 2022. Citadel Securities handles about one in four American stock trades, and that firm helped launch a crypto exchange with Fidelity and Schwab. Florida has no state income tax.
About 34,000 filers pay 40% of the city's income tax. This plan pushes that past 60%.
What this means for your money: when the pipes of finance can move, tax policy stops being local. Watch where the market makers register, not where the headlines are. The next state budget lands April 1.
skool.com/coinpicksgenesis
