The state of NYC's wealthy: Here's what to know
CNBC Televisionยท2025-11-04 14:01
It is election day and in New York, the city's economy relies on the ultra wealthy. So the big question is, will they stay no matter who is the mayor. That is the question of the morning.Robert Frank joins us now with that story. Robert. Andrew, great to see you.Well, as you just mentioned, the top 1% of New Yorkers pay 40% of all income taxes. Mandani wants to tax those making a million dollars or more, an extra 2%. That would bring the combined New York City and state tops tax rate to 16.8%.You combine it ...