The Empire State
Posted: Tue Feb 05, 2019 12:02 pm
New York governor Andrew Cuomo announced Monday that the state is facing a $2.3 billion tax-revenue shortfall, and argued that the deficit can be attributed to the “diabolical” recently passed federal tax-reform package.
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Those New Yorkers affected by the loss of the SALT deduction are now filing their income taxes in other states or using other means to circumvent their tax liabilities, Cuomo seemed to suggest.
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Cuomo warned that the loss of revenue could not be made up by continuing to tax the wealthiest New Yorkers — the top 1 percent of whom already contribute 46 percent of all government revenue — at increasingly higher rates.
“I don’t believe [in] raising taxes on the rich. That would be the worst thing to do. You would just expand the shortfall,” he said. “God forbid if the rich leave.”
Anyone think Bernie noticed this?
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Those New Yorkers affected by the loss of the SALT deduction are now filing their income taxes in other states or using other means to circumvent their tax liabilities, Cuomo seemed to suggest.
...
Cuomo warned that the loss of revenue could not be made up by continuing to tax the wealthiest New Yorkers — the top 1 percent of whom already contribute 46 percent of all government revenue — at increasingly higher rates.
“I don’t believe [in] raising taxes on the rich. That would be the worst thing to do. You would just expand the shortfall,” he said. “God forbid if the rich leave.”
Anyone think Bernie noticed this?