Posted on 02/04/2019 7:32:31 PM PST by Beave Meister
ALBANY — Gov. Andrew M. Cuomo on Monday announced a dramatic drop in state income tax revenue of $2.8 billion, which he says will prompt him to revise his 2019-20 budget and reconsider spending on schools, health care and repairs to roads and bridges.
Cuomo, a Democrat, blamed the shortfall on a federal tax plan backed by Republican President Donald Trump. Cuomo said the law's cap on deductions for state and local taxes at $10,000 was to blame and suggested it is, anecdotally, triggering high-earners to leave New York.
“At this point there is no doubt that the budget we put forward is not supported by the revenues,” Cuomo said at a State Capitol news conference. “It’s as serious as a heart attack.”
Cuomo said he’s not certain what areas might need to be cut, but said the biggest spending areas now are education, health care, infrastructure and another phase-in of a previously approved middle-class tax cut.
The hole in revenues in December, which some analysts have called a December surprise, and continued poor performance in January have created a $2.3 billion drop in anticipated revenues, according to the Cuomo administration. Add that to the $500 million drop in revenues for December that the Cuomo administration had previously projected and the revenue hole is $2.8 billion, according to Cuomo Budget Director Robert Mujica.
(Excerpt) Read more at newsday.com ...
gross mismanagement in NY may be the thing that saves NJ.
Democrats raised taxes you Cuomo pig. Oink, oink!
Ooh ooh ooh ... Mr. Cuomo ... I know! I know! Raise taxes. That will fix it.
Love, Horeshack
It’s not Trump.
It’s YOU and your danged dem policies.
And the wealthy NYers aren’t the only ones leaving.
Oh yeah, where you gonna get the money NOW you idiot for the Medicare for ALL including illegals you MORON!!! Insert foot in mouth LOL, LOL, LOL!!! Cuomo makes me sick I hope NY, and CA. spiral into a VERY QUICK Venezuela, and I live in CA. but it is about time the people voting these FOOLS into office see what exactly the life is they have voted for!!!
ROFL!
It is NOT the wealthy leaving CA. it is small business owners, and the middle class are FLEEING the state!!! The ONLY businesses that will be left in CA. are service industry businesses and POSSIBLY tech industry, HOWEVER I see the tech industry leaving very soon also, their employees can’t afford housing the Bay Area has become an absolute DISGRACE and their taxes WILL GO sky high out of control!!!
Quick, raise taxes so you can “make more money”!
Hey I gots me a great Idear. Let’s stick all our future potential taxpayers in the brainstem at birth with a pair of scissors and replace them with low income, uneducated gibmedats from turd world shit holes who will do exactly as we tell them. /s
“Oh yeah, where you gonna get the money NOW you idiot”
from the middle class of course
A little late to be shutting the barn door.
1 million people leaving during his tenure will do that. But of course, that’s Trump’s fault too.
Gee, I guess they won’t be able to murder as many full-term babies as they thought.
If he really wants them to stay, how about flipping things and letting his residents deduct their federal income tax from their state income tax? LOL.
...but it would probably work, especially when one considers that these people at the very top can EASILY live without the federal deduction - what they cannot handle is not being able to say that they’re ‘screwing the man’. So, let them take the flipped deduction - they’ll still pay a boatload of state taxes, and they’ll still be able to look in the mirror, happy that they’re still able to ‘screw the man’.
[[[Cuomo, a Democrat, blamed the shortfall on a federal tax plan backed by Republican President Donald Trump. Cuomo said the law’s cap on deductions for state and local taxes at $10,000 was to blame and suggested it is, anecdotally, triggering high-earners to leave New York. ]]]
Yes, its not the high taxes to begin with in Gov. Cujo’s NY. The governor who is depopulating upstate NY with his economic policies.
I’m sure some in San Francisco, have thought about, why are we paying astronomical housing prices, to live in a city where you have to watch everywhere you step, for fear of what you will step in? Or who.you might step on?
Love the description, revenue hole.
Gotta plug those holes. Maybe they should pay more attention to the budget, instead of passing infanticide bills.
He gave illegal immigrants tuition assistance last month. What a joke this thug is.
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