Jacobs emphasized that raising taxes would drive wealthy residents out of New York, stating, 'If you raise [the income tax], they're going to leave in larger numbers.' His experience shows friends have moved to escape high taxes, particularly estate taxes.
Jacobs condemned pro-tax advocates' arguments, labeling them 'garbage' and asserting that many are relocating for tax benefits. He pointed out, 'The more you increase the tax rate, the more people leave.'
Despite backing Hochul's $9 congestion toll as a 'good idea', Jacobs faces the contradiction of resisting higher taxes for wealthy individuals, saying 'Friends of mine ... are leaving New York' due to high tax burdens.
Jacobs insisted that high-income earners contribute significantly to state finances, noting 'The combined state-and-New York City income taxes on the highest earners is nearly 15%'.
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