Business Insider
Business Insider
US · 59 mins ago

Rich New Yorkers' incomes have soared, but it means more wealth to tax

New York City's rich are getting richer off their investments. Marcin Golba/NurPhoto via Getty Images NYC's income gap widened from 2019 to 2024, even as wages for the lowest earners grew. NYC's top earners saw their assets, the biggest chunk of their incomes, grow. It's a catch-22 for politicians, since ultrawealthy New Yorkers pay nearly half of all income tax. The Big Apple is getting more unequal: A new report from New York City Comptroller Mark Levine found that income inequality…
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