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The Empire State is losing its grip as the nation’s financial services capital.

New York’s financial services industry – a great contributor to the state’s gross domestic product – has been imperiled by the plummeting population of high-income residents, who are fleeing amid towering taxes and rising housing costs, according to a sobering new study.

“As other states attract talent and investment in the sector, there is no guarantee of future success,” said the report from the Business Council of New York State.

“Addressing the states tax burden, business climate, and cost of living can help to ensure New Yorks position as a national and global leader for finance.”

Over the last three years, the top four states landing new high-paid financial services and insurance jobs over the last three years were Texas, Florida, North Carolina and Georgia, the analysis conducted by the Business Council found.

New York ranked 36th in terms of percentage growth — at a rate of a puny two-tenths of 1%.

“North Carolina and Florida have rapidly added jobs in the finance and insurance sector while New Yorks employment has remained below national growth trends,” the report said. 

Each finance sector employee generates nearly an additional three jobs in other sectors — so any loss of employment ripples through the entire economy, the study noted.

“This report should serve as a call to action for leaders across New York to forcefully address the competitiveness issues that threaten one of its most valuable and critical economic forces, the finance industry,” the study said.

The average compensation package in New York’s financial services industry is a nation-high $309,000 per year — $275,800 in salary plus $34,000 in other benefits.

The figures showed continuing trends of population decline in New York – with a 2.7% decrease from 2019 to 2022 — marking the worst loss among the 50 states during the COVID-19 pandemic.

Most of the population loss was in New York City and its suburbs, home of most of the state’s wealthiest residents.

A review of net migration of residents showed that the largest flight of gross income was from Manhattan at nearly $11 billion.

“The data confirms the flight of the wealthiest from the New York City area,” the business group’s review found.

In 2021 alone, the Empire State saw a net decline of $9.8 billion in income that migrated to Florida, according to the report.

It’s not a coincidence, the study said, noting that the Tax Foundation think tank rates New York as having the highest combined state and local tax rate on residents, and the Sunshine State the lowest.

“This single competitive factor [taxes] is likely playing an influential role in the migration of high-net-worth individuals as they have the most to gain by leaving a high-income tax state for a low, or zero, income tax state,” the study said.

It also pointed out that New York is also one of a small collection of states that levies a tax on estates, derisively referred to as the “death tax.”

“High-wealth individuals are likely factoring this tax into their location decisions,” the report said.

“Forceful action is necessary,” the analysis concludes. “The state will need to address the tax burden, business climate, and cost of living issues that hurt the states competitiveness.

“If the state does not address these issues, it risks losing its dominance in the finance and insurance industry, and ultimately, jeopardizes the health and prosperity of New Yorks economy.”

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Sports

Preds irked as Wild net winner with net displaced

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Preds irked as Wild net winner with net displaced

The Nashville Predators disagreed that a “weird” Minnesota Wild overtime goal scored with the net displaced Tuesday night should have counted.

Wild forward Kirill Kaprizov sent a pass across the crease to teammate Marcus Johansson just as Predators goalie Justus Annunen pushed the net off its moorings. Johansson’s shot hit the side of the net as the cage continued to slide out of place. He collected the puck and then backhanded it over the goal line and off the end boards with the net dislodged.

The referee signaled a goal at 3:38 of overtime, and it was upheld after an NHL video review. Minnesota won, 3-2, overcoming an emotional letdown when Nashville’s Steven Stamkos tied the score with just 0.3 seconds left in regulation.

“The explanation was that, in [the referee’s] opinion, it was a goal. I disagree with his opinion, but that’s the way it is,” Nashville coach Andrew Brunette said.

Stamkos wasn’t pleased with the goal call after the game.

“Obviously, a weird play. I can see the confusion, but the confusing part for us was why it was so emphatically called [a goal]. I get it. Listen, the net came off. If the puck goes in right away, no problem if the net is off. But he missed the net, and the puck actually bounced back to him because the net was sideways,” he said.

The NHL’s Situation Room upheld the goal because it felt Annunen caused the net to be displaced prior to an “imminent scoring opportunity” by Johansson and cited Rule 63.7 as justification. The rule reads:

“In the event that the goal post is displaced, either deliberately or accidentally, by a defending player, prior to the puck crossing the goal line between the normal position of the goalposts, the Referee may award a goal. In order to award a goal in this situation, the goal post must have been displaced by the actions of a defending player, the attacking player must have an imminent scoring opportunity prior to the goal post being displaced, and it must be determined that the puck would have entered the net between the normal position of the goal posts.”

Stamkos didn’t believe that Johansson’s goal-scoring shot was only made possible by the net having come off its moorings.

“I understand the net came off. I don’t think there was any intent from our goaltender to knock it off — it came off twice today. From our vantage point, we thought the puck came back to him on the second attempt because the net was off. If not, the puck goes behind the net, and we live to fight another day. So, that’s where we didn’t agree with the call,” he said.

Brunette doesn’t believe his goalie intentionally pushed the net off its moorings.

“I don’t think just by the physics of pushing that’s what he was trying to do. I thought they missed the net. If the net didn’t dislodge, you would have ended up hitting the net,” he said.

“Unfortunately, they didn’t see it the same way. And you move on.”

This was the second win in a row for the Wild, moving them to 5-6-3 on the season. Nashville dropped to 5-6-4, losing its second straight overtime game.

“We deserved a lot better, for sure. One of our best games of the season, for sure,” Stamkos said.

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Science

How Hot Was the Universe 7 Billion Years Ago? Scientists Now Have an Answer

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Japanese astronomers using ALMA data have found the universe was about twice as hot 7 billion years ago, with a temperature of 5.13 K compared to today’s 2.7 K. The finding aligns perfectly with Big Bang predictions that the Universe cools as it expands, providing the most precise mid-epoch measurement yet and reinforcing confidence in standard cosmology.

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Environment

All the EVs you can buy for less than Cadillac CELESTIQ’s $60,000 price hike

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All the EVs you can buy for less than Cadillac CELESTIQ's ,000 price hike

Cadillac wants to live up to its “standard of the world” tag line so bad they can taste is – but adding $60K to the CELESTIQ’s MSRP might not be the flex the marketing team might think. To teach them a lesson, we’re going to ignore the CELESTIQ and list every new EV you can buy for less than that $60K price hike, instead. Enjoy!

Cadillac is on the verge of an electric renaissance, with nearly 40% of all new Caddies sold last quarter being electric and historic votes of confidence coming from the international motoring press. That said, a $60,000 price hike on the company’s hand built, ultra-luxury flagship CELESTIQ sedan feels especially like a cynical cash grab in today’s economy.

So, instead of talking about the now $60,000 pricier Cadillac CELESTIQ, I’ve decided to give you a list of all the new EVs you can buy (in the US, at least) for less than that $60K. Take a look at the list, below, then let me know if I missed any in the comments.

If you’re curious about what those vehicles are actually selling for, what rebates and special rates are out there, or even just want to take one for a test drive, click on one of the links and you’ll be directed to a local dealer who can walk you through it all (trusted affiliate link).

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Original content from Electrek.


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