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New York introduced the the wage tax
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back in 1969.
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Stamford, Connecticut, and Greenwich,
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Connecticut, were country commuting
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towns.
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10 years later, they were major
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financial centers.
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And why is that? Because people who were
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doing finance wanted to avoid the wage
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tax. They moved out of the city and
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stayed close to jobs by recreating a new
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financial center in Stamford and the
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Connecticut. So, when I teach this stuff
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to my students, I say, "Just drive on
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I-95 and you'll see the implications of
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the wage tax."
