Posted on 02/11/2019 7:03:47 AM PST by george76
New York state’s income tax take is dropping rapidly, but its leaders don’t seem interested in truly facing the implications.
Projected income tax revenues for the year just dropped $2.3 billion, Gov. Andrew Cuomo and Comptroller Tom DiNapoli announced Monday — and that’s after falling $500 million in December.
Cuomo partly gets what’s going on: “‘Tax the rich! Tax the rich! Tax the rich!’ We did. Now, God forbid, the rich leave,” he said. He noted that the top 1 percent of New York earners provide 46 percent of the state’s personal income tax revenues, and cited anecdotal evidence that wealthy locals are heading for lower-tax states.
The gov blames President Trump and the new tax law’s $10,000 cap on state and local tax deduction. But the exodus started long before the SALT cap: For years, the Empire Center’s E.J. McMahon has cited census data showing New Yorkers fleeing to Florida, Arizona and other low-tax states.
Responsibly enough, Cuomo is talking about cutting back the $176 billion spending plan he released last month, calling the tax shortfall as “serious as a heart attack.”
...
The Empire State is going to have to change, but its leaders plainly mean to get their kicking and screaming in first.
(Excerpt) Read more at nypost.com ...
No way.
The rich said they wanted to be taxed even more.
NYS is just abiding....
But it doesn’t seem to work.
This stupidity on the part of NY politicians screws everyone. Screws NY (which is good), but also screws the states that the NY rich flee to, because for some reason, they bring their socialist/Democrat political philosophy with them and proceed to befoul their new nests by voting for Democrats. You'd think that people smart enough to make a lot of money would also be smart enough to recognize that Democrats destroy everything they touch, but apparently there is a disconnect in their brains that causes the not to recognize the link between cause (vote Democrat) and effect (economic disaster).
after the rich take their money and go, those who are left, are the new rich...
i believe democrats define millionaire as anyone who makes $250,000 a year for the four year term... only they could do this...
hehehe
the new millionaires are those who make $40,000 a year for 30 years... tax them.
Some upstaters would no doubt enjoy having a job.
They are reaping the whirlwind
Get out of New York/California now
Politicians need to study the Laffer Curve. Simply stated, it show that there are multiple tax rates that yield the same level of tax revenue: one low, one high. NY, CA, NJ and many others are on the “downside” to the taxes collected side of the curve...and they know it. However, being able to give out your money is what creates political power, and they know that, too. Until they learn that deficits can also be brought under control with reduced spending, we are all doomed.
Left the state in 1980...
Only problem is they leave and still vote for democrats...
There will be only a few red states in twenty years
The income tax has been an effective means of preventing the middle-class from accumulating wealth.
They come to NC and elect a Moron democRat governor.
One of the best posts I ever read on FR!
Will always remember when the vile Andrew Cuomo raged against decent pro-life people and explicitly stated that they had no place in New York. Apparently large numbers of these productive, tax paying citizens took him at his word and left. Its a tough and challenging time for decent people in NY. The state government is controlled by fundamentally evil people and the Church has been corrupted by the permeation of the clergy and hierarchy by homosexual deviants. Both the state government and the Church have lost their moral credibility. Soon there will be a reckoning.
For Dims, politics is above God.
NOT to mention the ongoing unemployment of millions of us since 2009, without prospects, connections, or hope.
It's the Socialist thing to do.
They are quite aware of the Laffer Curve.
Taxes are not about revenue, except as a secondary side effect.
Taxes are about control and punishing success and anyone who dares to dream they could be half as good as any of their government 'betters'...
the easiest way to defeat a socialist... give them everything they want :)
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.