Posted on 02/04/2019 12:20:25 PM PST by 1Old Pro
Cuomo’s preliminary analysis claims much of the impact is coming from a drop in revenues from the state’s highest income earners most impacted by the loss of write-offs of state and local tax deductions, known as SALT.
The federal law approved by President Trump and the then-GOP controlled Congress limited SALT deductions to $10,000.
The loss of revenue from New York’s wealthiest puts New York in a bind because the state relies on a progressive income tax system that taxes the rich at a higher rate.
One percent of the state’s top income earners provide 46 percent of the state’s personal income tax revenues, officials said.
(Excerpt) Read more at nypost.com ...
LOL.
Gee, I’m shocked...................................................................................Like yeah, really...................
and there’s only one solution, raise taxes! /s
Who would have ever guessed that would happen.
Well, there's the problem right there. They aren't taxing the 1% at a 90% marginal rate. Just raise taxes and, et voilà, problem solved! If only AOC had run for the NYS Statehouse instead of Congress, they wouldn't have this shortfall problem.
Left in 1980
But they vote the same when they move...There will be no blue states in 20 years..
Well maybe two or three
On the middle class, the top 1% that paid half the taxes are gone - that's gonna hurt.
2 words, Cuomo: Laffer Curve.
I think it’s due to climate change.
This is like the heroin addict bemoaning the reduction of powder he's getting with each buy. It also indicates why the Occassional Kotex plan of soaking the rich will fail. The rich are highly mobile. The next step is out of the country to places such as Belize or the Grand Caymans.
Blaming the SALT restrictions is bogus. For most taxpayers, the reduction in tax rates should have offset the loss of deductions.
He is blaming the Feds for not subsidizing his high tax rates any longer.
Just start taxing abortions.
They scurry out of NY as fast as they can to preserve their wealth, then immediately start voting the same way in their new ‘home’...................insanity: doing the same thing over and over, then expecting a different result...........
They scurry out of NY as fast as they can to preserve their wealth, then immediately start voting the same way in their new ‘home’...................insanity: doing the same thing over and over, then expecting a different result...........
That's what corporations did when our tax rates were unsustainably high, and yes, individuals will be next.
Shrugging by Atlas
Just raise taxes again!
BWA-HAHAHA
Not just the wealthy.
I don’t know any rich folks who’ve left.
But I know a lotta middle class and small biz owners who have....
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