America's surprising new boom towns revealed: Buyers are flocking to them for low crime and cheap homes - but move fast before it's too late
The places profiting most from migration in the US are not necessarily major cities - instead, it's the suburbs that surround them.
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The Herald Scotland
23 minutes ago
- The Herald Scotland
Zohran Mamdani wants to tax the rich in NYC. People are freaking out.
The idea, in both cases, is to create revenue by taxing rich people and use the money to pay for other initiatives. Harris sought taxes from the wealthy to pay down the nation's estimated $2 trillion deficit. Mamdani, a democratic socialist, wants free city buses and a freeze on New York rents. Taxing the rich has worked before. In the World War II era, the wealthiest Americans endured a top tax rate above 90% to buoy the economy. But would it work now? Millionaires might flee higher taxes The standard objection is that raising taxes on wealthy Americans will chase them away. They will leave the city, the state or the country, or take steps to avoid paying taxes, such as moving wealth offshore. Here's how opponents greeted Mamdani's proposal: New York Gov. Kathy Hochul, who could veto a tax hike, has said it would prompt millionaires to flee. "I don't want to lose any more people to Palm Beach," she told a television interviewer, according to the New York Post. In a commentary for Reuters, financial writer Marty Fridson warned of "the possibility, if not the probability, that many high earners will leave NYC to escape the added tax bite." The New York Times assembled a rail of escape-from-New-York quotes from business leaders. Sample: "We may consider closing our supermarkets and selling the business," said John Catsimatidis, owner of the Gristedes chain, speaking to The Free Press. Mamdani's campaign estimates that a 2% tax on New Yorkers earning more than $1 million a year would raise $4 billion a year. That projection wouldn't pan out, of course, if enough millionaires left the city to avoid the tax. Are 'millionaire tax' warnings overblown? Are the dire warnings overblown? Maybe so, according to copious research on taxes and their impact on migration. But a lot depends on whom you ask. Higher taxes don't generally prompt wealthy people to move, said Kamolika Das, local policy director at the Institute on Taxation and Economic Policy, a left-leaning think tank. "Tax policies just really don't drive relocation decisions," Das said. "They've been claiming this for a long time, and there's just very scant evidence to support it." A 2023 study by the nonpartisan Fiscal Policy Institute found "no evidence of significant tax-motivated migration" from New York State, even after tax increases. The main reasons: Top 1% earners move at a lower rate than other income groups. And when they do move, they generally relocate from one high-tax area to another. In 2004, New Jersey raised its top income tax rate on high earners by 2.6 percentage points. "In the next year, a total of 37 millionaires left," said Lindsay Owens, executive director of the Groundwork Collaborative, a progressive thinktank. "But in that very same year, the millionaire population of New Jersey increased by more than 3,000 individuals." Not all researchers agree. California lost high earners over taxes Fridson, the Reuters columnist, cites a study from the nonprofit California Center for Jobs & the Economy. It shows a net loss of $5.3 billion in personal income tax from high earners leaving California in a five-year span after a 2016 ballot measure that extended higher taxes on the wealthy. Higher taxes in New York "will raise revenue. There's no question of that," said Jared Walczak, vice president of state projects at the nonpartisan Tax Foundation. But a tax hike "does drive some people out," he said, "and it can be more significant in New York City than it would be at the state or the national level." Leaving the United States over taxes is one thing, Walczak said. Moving from Manhattan to Hoboken, New Jersey, is quite another. "It is much harder to leave a country than to leave a state," he said, "and harder to leave a state than to leave a city." Walczak notes that the 2% tax increase proposed by Mamdani is a flat rate on all income earned by a wealthy New Yorker, "down to their first dollar." It would raise the top tax rate in the city from roughly 3.9% to 5.9%. At that rate, high earners "would be paying more in city taxes in New York than they would be paying in state taxes in most states," Walczak said. The remote-work boom of recent years spawned pandemic "boom towns," generally lower-tax cities that filled up with refugees from higher-tax cities who could work remotely. "I could work for a firm in New York City but take my residence to, I don't know, Austin, Texas, where they don't have any income tax," said Therese McGuire, professor of strategy at Northwestern University's Kellogg School of Management. Research by the Tax Foundation shows that high-tax states tend to lose residents to other states, while low-tax states tend to gain them. Taxes are one factor among many, including jobs, weather, quality of life and the broader cost of living. Other studies suggest that millionaire tax flight is happening, but "only at the margins," and at a negligible rate. "We make our decisions about where to locate ourselves and our families based on a whole host of considerations, many of which are not pecuniary," Owens said.
The Sun
an hour ago
- The Sun
Club World Cup prize money 2025: How much did Chelsea win after historic triumph in new look tournament?
SOME of the biggest names in football featured in the revamped Club World Cup - and Chelsea came out on top! The tournament now features 32 teams and takes place every four years rather than annually. 3 3 Lionel Messi 's Inter Miami were among some of the HUGE names to compete this summer, with European powerhouses, such as Bayern Munich, Real Madrid and PSG alongside them. Manchester City and Chelsea were the only English sides participating, as both have won the Champions League in the last four years. The Blues ultimately came away victorious from the competition, beating Champions League winners PSG in a smashing 3-0 display. The blockbuster tournament is among the most lucrative and is comparable to the Premier League and the Champions League. SunSport brings you details on the mammoth prize pot that has attracted some of the biggest clubs in the world. Club World Cup prize money 2025 Fifa president Gianni Infantino described the distribution model of the Club World Cup as the "biggest-ever prize money for a football tournament" of its seven-game format. The winning side will earn up to $125million/£97million, which is close to what the Premier League (£176m) and Champions League (£135m) payout to their winners. A colossal total pot of £775m ($1bn) will be shared between the 32 clubs, with a £407m ($525m) participation fee shared based on sporting and commercial criteria, and £368m ($475m) shared based on sporting performance. Fifa is not keeping any revenue made from the huge tournament and it expects to share another £200m ($250m) with clubs as solidarity payments Club World Cup 2025 Guide SOME of the world's biggest clubs are in action at this summer's Club World Cup in the United States! Chelsea are keeping Premier League hopes alive in the big tournament which is on until the final at New Jersey's Metlife Stadium July 13. Though Manchester City have been knocked out by Saudi Pro side Al-Hilal after losing in a 4-3 thriller. Watch EVERY match of the Club World Cup 2025 on DAZN INFO Everything you need to know about the Club World Cup LATEST NEWS & FEATURES Fans think Chelsea have 'scammed our way to the final' Dortmund subs in 'never before seen' act on the bench Jackson to miss last-16 game as ban extended Watch Lionel Messi score incredible free-kick Club World Cup top scorers Club World Cup 2025 prize money breakdown Here is a full breakdown of what each club could earn from every round: *Note: prize money accumulates as a club progresses Group stage (three matches) $2m/£1.4m win or $1m/£746k draw Round of 16 + $7.5m/£5.5m Quarter-final + $13.125m/£9.7m Semi-final + $21.0m/£15.6m Finalist + $30m/£22.3m Winner + $40m/£29.8m 3
Sky News
an hour ago
- Sky News
Bitcoin achieves $120k milestone on Trump policy support
Why you can trust Sky News Bitcoin has surged past the $120,000 (£89,000) level for the first time, with its new record value being attributed to progress in cryptocurrency regulation under Donald Trump. It was trading at $121,207 early on Monday morning - having doubled in value over the past year on the back of support for digital assets from the president during his second term. While new products on Wall Street have made it easier to invest, a lack of global regulation has held back ownership and continued to leave the industry at the mercy of high volatility. The US House of Representatives is to debate a series of bills this week to provide an American regulatory framework for a market worth almost $3.8trn, according to figures from CoinMarketCap. Members are set to vote on the Genius Act, which would create federal rules for stablecoins, and two other pieces of legislation. Mr Trump, who has called himself the "crypto president", has urged Congress to back the shake-up as part of his efforts for the US to take a lead on digital currencies. He himself is involved in several crypto ventures, including World Liberty Financial, a platform that his sons Eric and Don Jr. run. Bitcoin's surge of recent weeks has tracked a broader financial market recovery since mid-April that has seen US stock markets hit record levels. The rally, market analysts have said, can be attributed to the so-called TACO (Trump always chickens out) trade that followed his decision to delay the implementation of the "liberation day" trade tariffs against trading partners back in early April. He has since warned dozens of countries, including Canada, Japan, South Korea and the European Union, that higher rates will kick in from 1 August without a deal being agreed. Stock market and crypto values would be likely to face fresh pressure should he follow through on that threat.
