New York City’s swankiest neighborhoods are footing much of the country’s tax bill, IRS data shows
Nine out of the ten most heavily-taxed neighborhoods in the country are in the city’s metro area, according to IRS research compiled by Bloomberg News.
The nine neighborhoods, which range from Manhattan to Fairfield County, Connecticut, accounted for 0.2% of all federal income-tax filers in 2008, the latest year for which data are available.
Residents of these swanky areas paid 1.6% of all individual income taxes, eight times their proportionate share of the filing population.
In all, they shelled out a whopping $16.5 billion in taxes — enough to buy a controlling interest in General Motors, the Bloomberg report said.
The large amount in taxes paid by well-heeled locals flies in the face of the anti-Wall Street protesters who claim to represent “99%” of Americans and say the rich should be taxed more, said Mitchell Moss, an urban policy professor at New York University’s Wagner School.
“We’re subsidizing the slackers in the rest of the country,” Moss said.
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