The Liberal City’s Tax Dilemma

The Wall Street Journal ^ | The Editorial Board

[BlackAdderess]

The SALT lobby points to fissures in the new Democratic coalition. Gov. Andrew Cuomo this week implored wealthy New Yorkers who have decamped to lower-tax climes to return to the Big Apple to pay its bills: “I literally talk to people all day long who are now in their Hamptons house who also lived here, or in their Hudson Valley house, or in their Connecticut weekend house, and I say, ‘You got to come back!’”

If Mr. Cuomo’s exhortations aren’t enough, Democrats in Congress are working on a relocation bonus. Senate Minority Leader Chuck Schumer wants the next coronavirus relief package to restore the unlimited state-and-local tax deduction. The deduction is regressive because high earners get a bigger write-off on their federal taxes.

[BlackAdderess]

Good article worth thoroughly reading.

[freedumb2003]

paywall

[NobleFree]

Nuts to federal bonuses and write-offs for rich liberals.

[rlmorel]

Bring Your Money Back
(Sung to the tune of "Baby Come Back" by Player)

Spending all my sessions, all your taxes on my liberal schemes
Doing anything just to waste your taxes you paid
But when the election comes, I tell you your taxes were very well spent
And trying to tell me I’m wrong is wasting your time

Bring your money back, any kind of fool could see
It’s your income, that makes us say we love you
Bring your money back, we can blame it all on Trump
We are broke, and we just can’t spend without you

All day long, we’re wearing our masks due to COVID-19
And Antifa rioters think that cover helps them just fine
But as the sun goes down, the Starbucks catches fire again
How I wish to Soros your cash belonged to me

Bring your money back, any kind of fool could see
It’s your income, that makes us say we love you
Bring your money back, we can blame it all on Trump
We are broke, and we just can’t spend without you

Now that New York is in the dumpster, oh oh
Give me the chance to make it worse
Have you paid tax on every cent you have earned?
Nothing left for me? Ain’t there nothing left for me?

Bring your money back, any kind of fool could see
It’s your income, that makes us say we love you
Bring your money back, we can blame it all on Trump
We are broke, and we just can’t spend without you

[KirbDog]

Try this link.
https://apkmetro.com/the-liberal-citys-tax-dilemma/

[freedumb2003]

Thanks!

Yes, an interesting read.

[BlackAdderess]

Upshot is that New York and San Fran are the spawning grounds of leftist thought and they did spend a ton of money on their little local lefty projects because they could take it away from the Feds as an exemption. Their spending is unsustainable on a national level, so they are promising to raise taxes on everyone, but they will likely run into trouble with their lefty elite darlings because they are already running into problems there, rich New Yorkers don’t seem to be coming back. The crime wave hasn’t helped. This presents the Dems with a schism in their support and presents the Republicans with an opportunity.

Did I mention that the Democrats tanked Covid-19 relief because they wanted to uncap this tax exemption and consider this regressive tax giveaway it a non-negotiable item??

[griswold3]

Love it

[BlackAdderess]

I am starting to wonder if these idiotic policies the Dems rolled out in the Blue states were actually intended to be a good thing that was supposed to pave the way to doing this insane crap in the rest of the country. It didn’t work out and now they are blaming Trump for their own policy failures. I guess it wasn’t supposed to go like this?????? But how ELSE could it go?!

[rlmorel]

Thank you...I love doing that with songs, though I suspect I have mixed success.

My favorite is limericks:

Cuomo he governs New York
And is up to his scrotum in pork
When Trump passed the SALT
Blue states would default
And in them we could stick the fork

Heck. And I’m in a blue state...

[Bonemaker]

“...and I say, ‘You got to come back!’”

FU.

[House Atreides]

“Did I mention that the Democrats tanked Covid-19 relief because they wanted to uncap this tax exemption and consider this regressive tax giveaway it a non-negotiable item??”
********************************************************
The original Trump tax reform plan eliminated the SALT deduction entirely but that was changed to a cap before final enactment. We should move back to that complete elimination of SALT deductions. Having it still in existence but capped at 10K makes it too easy to increase the cap or eliminate the cap entirely.

[Bullish]

Ahhhh, poor little Cuomo’s so spoiled on lving high off the hog on taxpayers dime. How can he possibly keep up his tax and spend spree without his high-end taxpayers? Poor baby.

If Trump bails these liberal jackasses out I’m going to be extremely angry.

[T.B. Yoits]

Democrat Senate Minority Leader Chuck Schumer wants the next Federal coronavirus relief package to restore the unlimited state-and-local tax deduction that forces free states to subsidize Democrat states.

The goal of these failed Democrat States such as New York, New Jersey, California, Connecticut, Washington, Oregon, Illinois, etc. has been to force financially sound states to pay them.

These states have not been part of the economic surge under President Trump since 2016 and more importantly, have been so poorly run that they have no way of contributing to any future growth.

How viable is a state that forces others to pay for it? At some point it has to go insolvent and revert to a U.S. Territory with NO BAILOUT of their debts, especially their pension funds.

New York, particularly New York City, has assets they can sell to pay for their own pension fund liabilities. They can start with selling off all or parts of Central Park.

These states can also throw out all the illegal aliens they welcomed into their sanctuary cities with the intention of having U.S. citizens in other states pay for them.

[centermass_socrates]

Funny and sad at the same time how liberal cities can ruin a state, if allowed to. Afterward, in the wake of poverty and destruction, they attempt to give liberal, make-believe, temporary incentives to their own kind (other liberals) and shame all of the rest with terms like “white flight” and “racism”. The resultant States become area codes of socialist, high-minded programs, legislated by elitist thugs, and whose streets are dominated by criminals.

[BlackAdderess]

I think just letting them go bankrupt would cause economic chaos and devastation. The Democrats are trying to double down on hideously expensive errors to avoid having to admit that they have been wrong, this would cause even more devastation since errors would go uncorrected and terrible managers would be left in charge to screw things up even worse, since the country would be in a weakened position economically.

There will probably have to be some sort of bailout to prevent a ton of innocent retirees from ending up wards of the state, or worse. There must be a reckoning that goes along with that, though, none of this sneaking bailouts into disaster aid like Pelosi and Schumer are trying to do now. Bad policy and error needs to be recognized, acknowledged, and corrected. Instead, the Democrats are dealing in duplicity and doubling down on lies.

[BlackAdderess]

They screwed up, and are deeply invested in the screw up. They are doubling down on their crap policies instead of trying to represent their actual constituents like responsible and accountable representatives.

[chuckee]

I prefer them in New York too. We don’t want their progressive politics infecting healthy areas of the country.

[eyeamok]

Why can’t they just reduce spending and cut waste??

[upchuck]

Use https://archive.is/ to get around the WSJ and other paywalls.