… this week, but what the state did with the money it reaped during the bubble(s).
Factoids:
Between 1993, the year (roughly) before the tech boom started, and 2007, the last year of the credit bubble, New York State personal-income tax collections from full-year residents increased by nearly 56 percent after inflation, to $29.6 billion.
New York City did its part. State income taxes paid by New York City residents increased by 94 percent after inflation.
Income and tax growth were greatest at the top. In 1993, 4.6 of tax filers made at least six figures. They earned 31.9 percent of state personal income from full-year residents and paid 44 percent of taxes. By 2007, six-figure-plus earners made up 12.7 percent of filers, made 63.8 percent of income, and paid 80.2 percent of state income taxes from full-year residents.
And most of that growth was at the very top. While New York didn’t start breaking out a $500,000-and-above income level until 2007, in that year, half-million-earners, while a scant 1.1 percent of tax filers, earned 36.9 percent of income and paid 48.9 percent of taxes from full-year residents. In New York City, this little sliver of earners — 1.3 percent, or the 45,561 households that Bloomberg sometimes likes to mention — made 46.9 percent of income and paid 60.5 percent of state income taxes that came from full-year city residents (tables 2, 4, 1993 charts here).
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