Millionaires flee New York, wiping out $11 billion in tax revenue
(and thats before Mamdani’s disastrous crusade)
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Warsh declares war on elevated inflation with zero tolerance vow
Tim Scott grills Fed Chair Warsh on massive AI data center power demands
SpaceX alumni construction tech startup scores massive $115 million raise
World Cup semifinals spark massive last-minute travel rush to US cities
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Millionaires flee New York, wiping out $11 billion in tax revenue
(and thats before Mamdani)
New York’s share of the nation’s millionaires fell from 12.7% to 8.7% between 2010 and 2022, the largest decline of any state, causing roughly $10.7 billion less in personal income tax collections in 2022, a Citizen Budget Commission study found.
Millionaire share declines: New York’s portion of US millionaires dropped sharply even as the state added 34,000 millionaires, but other states far outpaced growth with California tripling, Texas tripling and Florida quadrupling counts.
Tax revenue impact: Had New York maintained its 2010 share of millionaires, personal income tax collections would have been substantially higher by roughly $10.7 billion in tax year 2022.
High earner reliance: The top 1% of earners pay about 45% of all state income taxes, making New York revenue very reliant on wealthy taxpayers staying in the state.
Policy concerns rise: Experts warn proposed tax hikes on the wealthy and the pied-à-terre tax could accelerate the exodus of high earners and businesses to states like Florida and Texas.
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Warsh declares war on elevated inflation with zero tolerance vow
Federal Reserve Chair Kevin Warsh told House lawmakers the central bank has no tolerance for persistently elevated inflation and held the benchmark federal funds rate steady at 3.5% to 3.75% in June to restore price stability.
Inflation policy priority: Warsh emphasized the Fed’s number one objective is to get monetary policy right so the inflation surge of the last five years becomes a thing of the past.
Rate decision context: Inflation concerns influenced the decision to maintain the benchmark federal funds rate range at the June meeting.
Independence affirmed: Warsh stressed the Federal Reserve is an independent central bank as affirmed by the Supreme Court with a goal for no politics in policy.
Price stability commitment: Policymakers share a resolute commitment to restoring price stability as high inflation burdens American households and businesses.
IBM shares plunge 23% after brutal Q2 earnings miss
IBM stock cratered 23% Tuesday after the company warned preliminary second-quarter adjusted earnings of $2.93 per share on $17.2 billion revenue fell short of analyst expectations of $3.01 and $17.86 billion.
Client spending shift: Clients shifted quarterly capex toward servers storage and memory purchases to secure supply-constrained infrastructure ahead of expected price increases.
Software weakness cited: CEO Arvind Krishna blamed weakness in software and infrastructure business with numerous large deals failing to close on expected timelines.
Execution shortfall: Teams did not adapt and move quickly enough driving the majority of the shortfall despite some anticipated supply chain impact.
AI disruption fears: The miss comes amid concerns that growth in artificial intelligence tools will disrupt businesses of major software companies.
Tim Scott grills Fed Chair Warsh on massive AI data center power demands
Senate Banking Committee Chair Tim Scott said he wants Federal Reserve Chairman Kevin Warsh to address data centers and artificial intelligence including how such facilities pay for electricity and water use during Wednesday testimony.
AI conversation focus: Scott wants to drill into the artificial intelligence discussion in South Carolina beyond the Fed dual mandate of price stability and employment.
Data centers pay way: The real question is ensuring data centers pay their own way as it relates to electricity and water use amid growing moratoriums.
Global competition question: Artificial intelligence will determine who wins the future between China or America requiring America to solve problems at home.
Utility bill recoil: Some parties in South Carolina want to ban data centers driving AI due to increased utility bills for voters.
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SpaceX alumni construction tech startup scores massive $115 million raise
TerraFirma a construction technology company founded by two former SpaceX engineers raised $115 million in funding to develop remote-controlled equipment using interfaces like Xbox controllers with long-term Mars ambitions.
Remote operation tech: The Austin-based startup uses Xbox controllers and other interfaces to remotely operate construction equipment cutting costs and improving safety.
Funding investors: Investments came from Kleiner Perkins Bain Capital Ventures SpaceX Anduril and Hadrian.
Expansion plans: The money will hire 300 employees over the next year and build a Texas factory plus a mission control center.
SpaceX roots: Founders Noah Schochet and Noah McGuinness worked at SpaceX on Starlink Starship and Starshield along with about half the engineering team from SpaceX Tesla and Boring Company.
Frontier Airlines passengers get Starlink in 2027
Frontier Airlines will debut in-flight Wi-Fi early in 2027 using SpaceX Starlink satellite internet on its first equipped Airbus plane as the latest budget carrier to offer the service.
No current Wi-Fi: Frontier currently does not offer in-flight Wi-Fi and was one of the last major U.S. holdouts after hesitation over added plane weight.
Budget carrier group: The deal covers Frontier Volaris Wizz Jetsmart and Cebu Pacific all sharing private equity firm Indigo Partners as investor with over 1,000 planes combined.
Global Starlink deals: Starlink has signed with more than 40 carriers worldwide including United Airlines and American Airlines.
Upmarket shift: Frontier plans to debut first-class seats next year amid pressure on budget carriers to enhance amenities.
World Cup semifinals spark massive last-minute travel rush to US cities
Travel demand and spending in U.S. World Cup host cities is rising as semifinals approach with France versus Spain in Dallas and Argentina versus England in Atlanta driving late bookings and revenue gains.
Spending increases: In-person spending in host cities rose 5% over last year from June 10 to July 5 with Kansas City leading gains according to Bank of America data.
Hotel performance: Kansas City saw nearly 50% RevPAR increase while Philadelphia had weekend RevPAR up more than 74% during knockout matches.
Argentina fan surge: Flight bookings from Argentina jumped nearly 46% year over year with Atlanta bookings more than doubling as fans respond in real time.
Knockout stage impact: Demand increased 2.4% and RevPAR rose 23% in early knockout stages despite fewer matches as fans waited for matchups.
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DamnMani is not operating out of stupidity, he’s operating out of AGENDA. He KNOWS he’s destroying a city; that’s why he’s doing it ! Destroy our country, one city and one state at a time ! WHY is he and others allowed to continue ?!
I don't blame them. They were smart to get out of New York as it's full of woke democrats.