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Old 05-13-2018, 01:47 PM
 
171 posts, read 148,919 times
Reputation: 161

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Quote:
Originally Posted by WRnative View Post
Some persons don't believe this, especially given the new $10,000 deduction limit for state and local taxes in the new federal tax bill.

https://nypost.com/2018/05/08/allian...-to-nashville/
Yes, some companies do move out. I worked for a major Fortune 500 company that moved from NYC to Texas (it was an oil company, so it made sense). But they barely make a blip—the NYC economy is that strong. For every job lost, ten more will be created. You will still see people complaining about the growth and high cost of living, and that’s been true even since the 2008 recession (when many jobs in the financial sector were lost).

It is hard for most people in the Midwest to understand just how powerful the economy of the area is:

https://en.m.wikipedia.org/wiki/Econ..._New_York_City

Last edited by gouldnm; 05-13-2018 at 02:22 PM..
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Old 05-13-2018, 03:57 PM
 
Location: Cleveland, OH
1,886 posts, read 1,442,108 times
Reputation: 1308
Quote:
Originally Posted by october2007 View Post
Well I guess I was talking more about the movers and shakers such as the media as bjimmy mentioned. They have shaped opinion and discounted those in the middle of the country which may have contributed to the low self esteem mentioned here.

I grew up in Massachusetts and know not everyone is wealthy or educated etc. and some of those people can feel just as bad about their towns or selves.
Also, stand up comics helped shaped the opinions as well for years they were taking shots at Cleveland constantly. Hell, Mike Polk did it several years ago with the Hastily Cleveland Tourism videos on YouTube. People ran with that.
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Old 05-13-2018, 05:22 PM
 
11,610 posts, read 10,431,928 times
Reputation: 7217
Quote:
Originally Posted by gouldnm View Post
Yes, some companies do move out. I worked for a major Fortune 500 company that moved from NYC to Texas (it was an oil company, so it made sense). But they barely make a blip—the NYC economy is that strong. For every job lost, ten more will be created. You will still see people complaining about the growth and high cost of living, and that’s been true even since the 2008 recession (when many jobs in the financial sector were lost).

It is hard for most people in the Midwest to understand just how powerful the economy of the area is:

https://en.m.wikipedia.org/wiki/Econ..._New_York_City
The after-tax cost of NYC/NY state taxes, given the new federal SALT deduction limitation, may have plunged NYC beyond the tipping point.

<<“This is the best buyers’ market ever,” Steinberg said. “Asking prices have come down remarkably, far more than during the economic crisis. People who buy now will be laughing [or not] in a few years

https://www.marketwatch.com/story/ne...ion-2018-04-03

https://www.democratandchronicle.com...ain/466340002/
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Old 05-13-2018, 05:44 PM
 
171 posts, read 148,919 times
Reputation: 161
Quote:
Originally Posted by WRnative View Post
The after-tax cost of NYC/NY state taxes, given the new federal SALT deduction limitation, may have plunged NYC beyond the tipping point.
I'll believe it when I see it. NYC has weathered many storms in the past 200 years including the Great Depression and the 2008 financial crisis. I'm betting that they'll weather this one.

If you are rich enough to own your own home in NYC, chances are you are rich enough to afford to live without the SALT deduction, and the benefits of the new tax laws will probably outweigh the disadvantages.

I live in a blue northeastern state with high taxes, but even with the SALT deduction limitation, I'm still coming out ahead. Not that I'm a fan of the new tax law, because it will increase the deficit. But that's another issue.

Personally, I haven't heard anybody talk about moving because of the new tax laws.

Besides, tax laws, like government administrations, tend to come and go. It could all change in four years.

Last edited by gouldnm; 05-13-2018 at 06:06 PM..
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Old 05-13-2018, 08:31 PM
 
Location: Ipswich, MA
840 posts, read 760,324 times
Reputation: 974
Quote:
Originally Posted by QCongress83216 View Post
Also, stand up comics helped shaped the opinions as well for years they were taking shots at Cleveland constantly. Hell, Mike Polk did it several years ago with the Hastily Cleveland Tourism videos on YouTube. People ran with that.
I believe you but to tell you the truth I never heard anything of that until I moved here.
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Old 05-13-2018, 08:40 PM
 
Location: Lakewood OH
21,695 posts, read 28,442,276 times
Reputation: 35863
Quote:
Originally Posted by october2007 View Post
I believe you but to tell you the truth I never heard anything of that until I moved here.
Same here. Never heard of Mike Polk and I used to regularly go to comedy clubs. I think actually the only Cleveland jokes I ever remember hearing were those Bob Hope occasionally made.
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Old 05-13-2018, 08:58 PM
 
Location: Cleveland and Columbus OH
11,052 posts, read 12,445,509 times
Reputation: 10385
Actually just today someone in Boston dropped a mike Polk line to me watching the cavs Celtics games.

Mike Polk has done more harm than good. Time to forget that dude.
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Old 05-13-2018, 09:01 PM
 
Location: Lakewood OH
21,695 posts, read 28,442,276 times
Reputation: 35863
Quote:
Originally Posted by QCongress83216 View Post
Also, stand up comics helped shaped the opinions as well for years they were taking shots at Cleveland constantly. Hell, Mike Polk did it several years ago with the Hastily Cleveland Tourism videos on YouTube. People ran with that.
Quote:
Originally Posted by bjimmy24 View Post
Actually just today someone in Boston dropped a mike Polk line to me watching the cavs Celtics games.

Mike Polk has done more harm than good. Time to forget that dude.
Never heard of him.
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Old 05-13-2018, 09:54 PM
 
Location: Ipswich, MA
840 posts, read 760,324 times
Reputation: 974
Well you have the world renowned Cleveland Orchestra and Cleveland Clinic so that's something.
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Old 05-14-2018, 04:57 AM
 
Location: Cleveland and Columbus OH
11,052 posts, read 12,445,509 times
Reputation: 10385
Quote:
Originally Posted by Minervah View Post
Never heard of him.
Keep it that way!
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