Stay in NY, leave, don't care, someone else's problem? I suspect combination of Federal + State increases will result in some high income flight from NYC. Talking about a scenario where over 50% of marginal income is paid in taxes (seems like a lock at this point it will be 40% Federal plus over 10% in city/state plus some amount of Social Security increase). I doubt any of this money goes anywhere useful or improves quality of life (unless more rich people leaving NYC means more affordable cost of living/cheaper real estate). I wonder if really high income earners who pay a lot of taxes just end up leaving, forcing an eventually cuts of services and higher tax rates on those who stay.
Federal Income: Biden wants to increase top marginal rate by 3%, "there's a chance that Biden's tax plan could lead to consolidation of two or more top tax brackets. Some in Congress have called for that. So the 35% bracket and even the 32% bracket might become part of a new 39.6% bracket as well" Federal Social Security: Currently, workers and employers both pay a 6.2% tax on income of up to $142,800. Biden has talked about creating a tax doughnut, so to speak. Income from $142,800 up to $400,000 would be exempt from Social Security tax. But the tax would resume on income above $400,000. (so 6.2% on income over $400K) New York State/City: "Under the proposed new tax rate, the city’s top earners could pay between 13.5 percent to 14.8 percent in state and city taxes". Am not sure this may only apply to $1MM+ earners.