NEW YORK, July 5 — The figure that matters: Andrew Tobias is a New York City millionaire, and he will happily pay more taxes. Just make sure to send him a fruit basket. The financial journalist and author left New York in an era of high crime and high taxes, decamping for Florida.
Now, after a quarter-century away, he is back in a Manhattan apartment — and ready to pay more. Tobias, who made his fortune writing books including “The Only Investment Guide You’ll Ever Need,” told Business Insider he wants higher taxes on the wealthy.
He is not alone among high-net-worth New Yorkers who have returned and are willing to write a bigger check. The bottom line: Tobias sees the math differently than many of his peers. He argues that the city and state need revenue 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.” By the numbers, Tobias’s calculus is straightforward. He believes the quality of life in New York has improved dramatically since he left. The city is safer, the streets are cleaner, and the energy is back.
He wants to help sustain that. Investors will note that Tobias is not a typical New York real estate mogul or 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. Tobias’s return comes at a moment when New York is grappling with budget gaps and an exodus of wealthy residents to lower-tax states.
The state’s top marginal income tax rate is among the highest in the nation. But Tobias says the trade-off is worth it. He points to the city’s cultural institutions, its parks, its restaurants, and its diversity as amenities that justify the tax burden.
He argues that wealthy New Yorkers who complain about taxes are missing the point. “If you don’t want to pay taxes, don’t live in New York,” Tobias said.
“But if you do live here, you should be willing to pay for it.” The former New Yorker is now back in a Manhattan apartment, a move he describes as a homecoming. He says the city has changed for the better, and he wants to be part of its future. What to watch: Whether other wealthy New Yorkers follow Tobias’s lead — or whether the city’s tax policies continue to drive them away.
Tobias is betting on the former.
