Andrew Tobias walked back into New York City this summer after 25 years in Florida. He came home to a Manhattan apartment and a tax bill he says he is eager to pay. The millionaire author and financial journalist wants the state to take more of his money.
He thinks it is a fair price for a city that works. Tobias made his fortune writing books, including “The Only Investment Guide You’ll Ever Need.” He left New York in an era when crime was high and taxes were higher.
Florida had no state income tax. The math was simple then. Now the math has changed.
He told Business Insider that he supports higher taxes on the wealthy. He is not alone.
Other high-net-worth New Yorkers have returned and say they are willing to write bigger checks. Tobias sees the trade-off clearly: revenue for the city and state to fix crumbling infrastructure, fund schools, and address homelessness. He says the wealthy can afford it.
“I’m a millionaire, and I will happily pay more taxes,” Tobias said. “Just make sure to send me a fruit basket.” The city he came back to is not the one he left. New York is safer.
The streets are cleaner. The energy is back.
Tobias believes the quality of life has improved dramatically. He wants to help sustain that. New York’s top marginal income tax rate is among the highest in the nation.
The state faces budget gaps. Wealthy residents keep leaving for lower-tax states like Florida, Texas, and Nevada.
The exodus is real. But Tobias says the trade-off is worth it. He points to the city’s cultural institutions.
Its parks. Its restaurants. He believes you get what you pay for.
Tobias is not a typical New York millionaire. He is not a real estate mogul or a hedge fund manager.
He is a writer who built wealth through books and journalism. His perspective is that of a financial insider who has seen both sides of the tax debate. He knows the arguments against higher taxes.
He rejects them. The math is straightforward for him.
The city needs revenue. The wealthy have it. He wants to help.
It is a simple calculus that puts him at odds with many of his peers. They see high taxes as a reason to leave. He sees them as a reason to stay and invest in the place he calls home.
Tobias returned to a Manhattan apartment. He came back voluntarily.
No one forced him. He could have stayed in Florida, where the sun is warm and the tax rate is zero. He chose to come back.
He chose to pay more. His timing is notable.
New York is grappling with how to close budget gaps without driving away the wealthy. The state needs the money. The wealthy have the money.
But they also have options. Tobias is making a case that the options are not all about money. Quality of life matters.
Safety matters. Clean streets matter.
Cultural institutions matter. Parks matter. Restaurants matter.
He is betting that the city’s improvements are worth the cost. He wants a fruit basket in return.
That is his joke. But the point is serious. He is willing to pay more because he believes the city is worth it.
He wants others to see it the same way. The city has changed. Tobias has changed.
The math has changed. He is back.
He is ready to write a check. He just wants a fruit basket.
