PhilDozer

@jrouldz @stevenfiorillo Bad ideas need to be called out as such. Debate is the only way

@stevenfiorillo Lots more handwaving from both sides of political aisle and again no mention that: - Mamdani is Mayor of NYC - taxes are levied by the state not city - Mamdani has 0 control over taxes - this proposal has a ~0% of passing NY legislature All just wasting time fanning flames

As a lifelong, taxpaying New Yorker, I am extremely worried about the ramifications of the estate tax proposal on New Yorkers if it gets signed into law. I want to be clear up front; this isn't about politics for me. I'm not fighting for the billionaire class, and I'm certainly not one of them. What I am is someone who understands basic math, economics, and business, who has watched what happens when states push tax policy past the breaking point. Here's what's on the table right now: a proposal to reduce New York’s estate tax exemption from $7.1 million down to $750,000, an 89% cut while increasing the top rate from 16% all the way to 50%. This is embedded within a batch of revenue ideas sent up to Albany to try and plug a $5.4 billion hole in the city budget. I want to discuss who this estate tax actually hits, because it’s certainly not the ultra-rich. The ultra-rich weren’t exempt as only the first $7.1 million avoided estate taxes. A $750,000 threshold in the New York metro area is not reasonable. The median home price in New York City hit roughly $809,000. In Nassau County you're looking at $820,000. Suffolk County sits around $675,000. Westchester is $754,000. If you bought a house in the city, Nassau, or Westchester and you spent 30 years paying off that mortgage like a responsible adult, congratulations, you're now above the estate tax threshold. What’s even better is that you hit the threshold before even factoring in your 401k, life insurance, savings, a family business, or other investments. This isn't a tax on the wealthy it’s a tax on a retired couple in Bayside who paid off their split-level. It's a tax on the family that runs a deli in Astoria and owns the building. When you force those families to come up with 50% of the value above $750,000 after someone dies, what do you think happens? They sell. They liquidate. The house goes, the business goes, and the generational wealth that took a lifetime to build disappears in a single tax event. Family businesses which are the backbone of employment in neighborhoods all over this city get gutted. According to the State Department of Taxation and Finance's own numbers New York's tax structure is incredibly top heavy as millionaires paid 44.6% of all personal income tax collected in 2024. The top 200,000 filers covered 51.9%. The bottom half of all earners paid 0.2%. Think about how fragile that makes us. You don't need a mass exodus. You need a few thousand people to change their mailing address to Palm Beach or Austin and the budget math falls apart. Here's the part that really gets me though. The biggest victims of "tax the rich" policies aren't the rich. The rich utilize their resources and leave once they have had enough because their resources make them mobile. The people who get crushed are the ones who stay such as teachers, firefighters, nurses, and the small business owner. They can’t simply pick up and go. The harsh reality is that when the wealthy leave and the tax base shrinks, the city still needs the same amount of money to run the subways, pay the cops and keep the lights on. So where does it come from? It comes from everyone left behind as they are forced to pay higher taxes, and higher fees. What may bother me more is the double taxation piece. The money in someone's estate didn't just appear from thin air. They earned it and paid income tax. They invested it and paid capital gains. They bought property with it and paid property taxes every single year. They bought things and paid sales tax. Every dollar in that estate has already been taxed multiple times over the course of a lifetime. Now when they die the state wants to take half of everything above $750,000? At what point does it stop being a tax and start being confiscation? That's a genuine question I have because if you work your whole life, play by every rule, pay every tax along the way, and the government still takes half when you die what exactly was the point of saving any of it? A $750,000 threshold doesn't catch billionaires it catches the middle class. It catches people who were never wealthy, they were just disciplined. They bought a house, they didn't sell it, they put money away for retirement, and they wanted to leave something for their kids. Punishing that with a 50% tax rate sends a very specific message: the state believes your assets belong to it first and your family second. I don't care where you fall politically that should bother you. I'll say this very simply. When you tax people to the point where they feel targeted, they leave. When they leave the burden falls on everyone who can't. When that burden gets heavy enough, more people figure out a way to go. That's not theory, that's exactly what IRS data and Census numbers have been showing us for half a decade straight. New York is standing at a fork in the road right now. One direction is more punitive taxation with an increasing dependence on a shrinking pool of high earners who increasingly have one foot out the door. The other direction is putting forward competitive tax policy, fiscal discipline, and creating an environment where building wealth and creating jobs isn't treated like something the government needs to punish. I know which path leads somewhere good. I just hope the people making the decisions figure it out before there's nobody left to tax. @amitisinvesting @BillAckman @chamath @patrickbetdavid @PBDsPodcast

@_tylerludwig @OmarKelly @BarstoolBanks @ravens4dummies @ColeJacksonFB It kind of boggles my mind that a former head coach of the Miami Dolphins, a 15 Billion dollar value org would ever fly public again

Friend sent this picture in Pittsburgh getting ready to fly back to Baltimore. Sign of things to come? @BarstoolBanks @ravens4dummies @ColeJacksonFB @jakelouque

@TJ_Pittinger Manny just won the ACC with Duke? Cristobal should have been fired after the no kneel fumble. He's not a great coach, they have spent money and hit on great coordinators and spent big money and hit on some great portal players

If Miami wins one more game this season, Mike Norvell's greatest failure might have actually been 4th and 14.

@rcb05 This is fantastic for people who are willing and able to travel for their teams games. Leave it alone.

The demand for Cotton Bowl tickets to see Ohio State and Miami is shockingly low. You can get in the door for $32. You can sit lower level between the 40s for $415. It’s time to re-think the hosting structure for #CFBPlayoff games.

@GfedGoCrazy I’d be so pumped if my team didn’t suck rockets this year

Ticket market for the new year CFP games is abysmal $120 get in for the Rose Bowl is unprecedented + the Cotton and Orange bowl likely will not sell out If this isnt proof we need on campus QF games idk what is. 3 games in 3 weeks is way too much travel to put on a fanbase

@TJ_Pittinger It’s not about the stadium experience anymore ( o matter what FSU admins try to sell you), it’s about TV ad revenue

It’s proof we have too many games in the playoffs.

@otokyo__ Seal Team Ate

What the best name for this seal team 🤔

@BoringBiz_ Pay up

Watching your analyst leave for 2 hours in the middle of the day with a suit and tie on

@ThinkAppraiser Hate the politics here. Having done this drive there is a reason this route is one of the gems of America and something that every American should do at least once in their lifetime.

I challenge anybody to drive Hwy 1 from Laguna Beach to SF and tell me they still hate CA Take a week or two, get a rented convertible, drive slow, make all the stops and take lots of pictures I promise you’ll enjoy the trip

@16bitnostalgia It’s Tony Hawks Pro Skater 2 and there is no close 2nd place award

What is it?

@oelma__ Marie. WW2 medic. Hero . Legend

@softrebels Dying

wyd in this situation

You’re proposing turning a savings plan into a welfare plan. Should we really punish people for living a reasonable lifestyle and saving as much as possible…..it’s easy to look at the end result here and say this person doesn’t deserve social security, but what did she sacrifice throughout her life to earn this level of comfort later in life

Why is someone with a $2.8M portfolio getting social security?

@maxkeiser @FoxBusiness @cvpayne LMAO <——- every VR&C that ever existed. Maybe we really shouldn’t let retail customers manage their own retirement strategies

UNCONFIRMED: JP Morgan appears to have an existentially threatening short $MSTR position that can potentially bankrupt $JPM if $MSTR trades 50% higher above Friday’s close. GAMESTOP VIBES INTENSIFY‼️ @FoxBusiness @cvpayne

CRASH JP MORGAN, BUY $MSTR (& BITCOIN)

@PhysInHistory We can see with our eyes things that exist in principle but that time will never allow us to touch

In your opinion, what is the strangest thing about the universe? ✍️

@Matt_Pinner The Family Man is the best Christmas movie of all time

Can you name a Nicolas Cage movie you like that is not The Rock, Con Air or Face Off 🤔

@FSUplays If you cheer for your team lose in any situation you are the definition of a loser

@DearS_o_n 1000 times, Yes

@AdamBLiv You’re missing the point that the reason you need a 50 year mortgage on a property is because you can’t afford the 30 year payment. They don’t have that extra income to invest or they would just buy at the 30

WHY I LOVE THE 50-YEAR MORTGAGE: Here’s the full picture of the 50-year mortgage opportunity, including the extra interest you get "wrecked" by on the 50-year mortgage. Monthly payments (6% interest, $500k home): • 30-year: $2,997.75 • 50-year: $2,632.02 • Monthly difference: $365.73 Total interest paid: • 30-year interest: $579,190.95 • 50-year interest: $1,079,214.38 • Extra interest from choosing 50-year: $500,023.44 So stretching the loan to 50 years means you pay an extra half a million dollars in interest to the bank. But here’s the twist: If you take the $365.73 monthly savings and throw it into Bitcoin compounding at 20% for 30 years, you get: ✅ $8,403,654 So the trade-off is basically: • Pay the bank $500k more, • But stack $8.4M in Bitcoin. Even a 20% CAGR on BTC gets you $1m status in about 18 years with that small monthly contribution. But remember, this is a 50 year mortgage. Instead of 30 years, you keep stacking $365.73 per month into Bitcoin compounding at 20% annually for 50 years, your final stack becomes: ✅ $445,081,564 Yes. Four hundred forty five million dollars. Off the mortgage-payment difference. This is why the 50-year mortgage discourse is hysterical. Boomers see “more interest to the bank,” you see “half a billion in BTC.” Is the 20% terminal CAGR too high? Perhaps, but a lot of people think it's going to be even higher at 30-40% over the next decade or so. Saylor himself thinks the terminal CAGR will be around 20% after the next two decades are up. Crazy numbers, but that's what the math says. Take it or leave it.

@Jaboowins Legends

🙏🏾 #NoleFamily