Blog/The Hunt for Taxes
Posted Dec 14, 2020 by Martin Armstrong
New York politicians have destroyed their economy and now are looking at raising the taxes on the rich even more. Carl Icahn moves hedge fund from NYC to Miami. Even Goldman Sachs is looking at sending its most profitable division to Florida. This is how the cities have self-destructed. They think that businesses and “rich” individuals are simply there for exploitation. New York City is outrageous and the state is so aggressive in taxes it is unbelievable. One client left New York and moved to Florida. His wife would return to visit friends. The state checked her cellphone calls and said she was still in New York without a residence and went after her and her husband for state income taxes. BEWARE, you cannot even visit New York again or use a burner phone.
This is the exact same pattern that unfolded in the fall of Mainz during the 15th century. That is where the Guttenberg press was born and the city boomed as if it were a DOT.COM bubble. The politicians were borrowing assuming the boom would lead to never-ending taxes. The more they raised taxes, the more the people left. They could no longer keep the debt rolling for they were doing as we do today. They would issue new debt to pay off the old. They defaulted and even the Pope excommunicated the politicians for their actions. Eventually, the New York Ci8ty equivalent of the 15th century was invaded after it defaulted, it was sacked, and then burned down to the ground.
Has New York City sealed its own fate? Crushing the economy there will be maybe 50% of small businesses left after Christmas. Continued lockdown will probably wipe out most of what is left by next summer. Anyone who has any wealth should leave and if you can survive in an online business, it is time to leave.