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. Its as serious as a heart attack.
Cuomo said hes 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 ...
I just heard this on the news. Did laugh out loud. HA HA.
The idiot just raised prices on transportation. There’s a subway line which needs serious fixing.
Maybe he can sell the cuomo bridge.
WHAT!!!
You mean Democrat Voters in Dem-Run states don’t like the idea of actually PAYING THEIR FAIR SHARE for all of that corruption?
This is my shocked face...
Wealthy New Yorkers leaving before they’re left penniless?
Imagine that.
When your "subjects" can just up and leave your TYRANNICAL policies, they do!
This is the flaw in AOC’s radical plan to tax the feces out of the wealthy. They just leave.
Here is a tip for the governor of NY and Cal and maybe other states, In Cal we provide services to people not legally in the country. That costs 21 bill a year. perhaps both states could redirect the funds used for illegals and also provide a tax cut.
Cuomo, a Democrat, blamed the shortfall on a federal tax plan backed by Republican President Donald Trump.
Just pass a law making it illegal for wealthy people to leave the state. Problem solved!
“pass a law making it illegal for wealthy people to leave the state.”
As a Virginian I would strongly support such a law for NY!
Also, maybe they could place a very high tax on carpetbags...
yeah but those state workers are happy, happy , happy especially the retired ones....you know the ones who voted all rat all their lives and then escape to some nice state....
CT has been diving to the bottom itself over the past decade.
I am surprised this is even an “alarm” to Cuomo. He just wants to keep things spiraling downward until NY is totally bankrupt. He will NOT cut services. He will just spend spend spend until NY is a fourth world country....it already is.
Nowhere to go but down
“can no longer deduct their full state and local taxes on their federal income taxes, “!Basically this means if you live in a low tax state like Florida, you no longer are forced to subsidize high tax states like N.Y. and N.J.
Bout time.,
Cupertino attracted big bidness then jacked up their taxes.
Soon enough these big tech bidnesses will be moving to Texas where they are not going to get screwed
Big firms won’t bail. They are being bribed to stay. To the tune of billions.
“gross mismanagement in NY may be the thing that saves NJ.”
We benefited for that for a little while; now it is only NYC 1%ers that see NJ as a haven. The rest see NJ as too similar to NY; all the things they liked (lower property taxes, sales tax, gasoline prices) are all catching up anyway. Anyone leaving NY is probably not stopping until PA.
Even big firms are moving a lot of jobs from NYC (Jersey City’s “Gold Coast” and the area northwest of Philly got many of them); they keep NYC addresses for the status but employees and taxes are simply too expensive. Many of those financial sector positions that disappeared in the “Greater Depression” of 2007/2008 never returned; even on 9/11 many lives were saved by the fact that both of the Twin Towers had a lot of vacant space (keeping the stairways moving).
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.