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Old 02-09-2019, 02:17 PM
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Default Andrew Cuomo Announces Loss Of Billions In Tax Revenue, Looks For Others To Blame

Andrew Cuomo Announces Loss Of Billions In Tax Revenue, Looks For Others To Blame
Posted at 9:45 am on February 9, 2019 by Brad Slager

https://www.redstate.com/bradslager/...hers-to-blame/


“That’s as serious as a heart attack. This is worse than we had anticipated,” the governor said


New York Governor Andrew Cuomo made a stark announcement this week in regards to the state budget. Following the implementation of his new budget last month he came out to announce that over the course of December and January New York state saw a shortfall of $2.3 billion in tax revenue.

This is an object lesson for many on the left who feel the rich are a static group they can always depend upon to soak for more funds at their own discretion. The concept is that there is no fluidity in the options of the wealthy, and they will always be there. Andrew was met with a stark reality.

Cuomo painfully admitted he would now need to cut the state budget as a result of the loss of wealthy residents. The top 1% of New York’s wage earners supply 46% of the income tax revenue. Target them, and some will seek out tax havens elsewhere. Cuomo, of course, looked to place the blame elsewhere.

The pain felt by Cuomo was palpable. “SALT was an economic civil war,” he said, referring to Trump’s tax plan by employing hyperbole. “It literally restructured the economy.” Cuomo claimed this was an intentional attack on Democratic states, made to benefit the Republican states.

What he was referring to was the component in the Trump tax cut that limited the deductions that could be taken for state and local income taxes. The tax code made no provision for particular states, just in reference to those with existing income taxes. Of course, lost on Cuomo is that most states with an income tax — and even additional municipal IT — trend to the Blue. His confiscatory taxes are not the cause, it’s that damned Trump and his lack of deductions!

Also lost on the Governor is the rare argument he is making here; he is upset that the rich are unable to make a tax witholding. That is something he, and numerous other Democrats (such as the Representative from his state, Alexandria Ocasio-Cortez) frequently complain about in speeches. The rich are always demonized for “not paying their fair share” (I return to the 1%/46% ratio mentioned earlier), but now select Democrats are calling for the rich to be granted the chance to have more tax cuts made available.

The Governor also seemed strained to say that the solution was not to go after more of the wealthy income earners, because that would exacerbate the flight of those tax payers, and looking at solutions. “I don’t believe 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,” he said, mournfully. It boggles to actually hear those words escaping his lips. But, welcome to the tax party Andrew. Better late than never.
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Old 02-09-2019, 02:28 PM
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Default Re: Andrew Cuomo Announces Loss Of Billions In Tax Revenue, Looks For Others To Blame

Worst governor in the union, IMHO. That is saying something as we have some pretty shitty ones in this country.
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Old 02-09-2019, 04:16 PM
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Default Re: Andrew Cuomo Announces Loss Of Billions In Tax Revenue, Looks For Others To Blame

Could this be a learning experience for AOC, etc who want to overtax the rich in the entire country. If this comes to pass I can see $$$ flying offshore again!!
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Old 02-11-2019, 02:06 AM
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Default Re: Andrew Cuomo Announces Loss Of Billions In Tax Revenue, Looks For Others To Blame

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Originally Posted by mla2ofus View Post
Could this be a learning experience for AOC, etc who want to overtax the rich in the entire country. Mike

If we were talking about someone other than the attractive-but-vacuous AOC the answer would probably be a resounding "Yes!" ... but she has shown very little aptitude for learning from either education or experience. Were it not for her attention to Willie's willie she would still be an unknown female serving cups of wildly overpriced coffee.
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Old 02-11-2019, 10:27 AM
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Default Re: Andrew Cuomo Announces Loss Of Billions In Tax Revenue, Looks For Others To Blame

"This is an object lesson for many on the left who feel the rich are a static group they can always depend upon to soak for more funds at their own discretion. The concept is that there is no fluidity in the options of the wealthy, and they will always be there. Andrew was met with a stark reality."


I never understood why that fact seems incomprehensible to the Left. The "rich" didn't get that way by being stupid about handling money and their personal finances. To them it is a cost - benefit equation. When that tips to the cost isn't worth the benefit … they move. That's especially true today with the Internet and almost instantaneous communications.
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Old 02-11-2019, 06:00 PM
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Default Re: Andrew Cuomo Announces Loss Of Billions In Tax Revenue, Looks For Others To Blame

There's a reason that Fl now has a larger population than NY.

The snowbirds from NY finally figured out that Fl does not have a state income tax.
... and many of them moved there money Southward.
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Old 02-11-2019, 06:13 PM
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Default Re: Andrew Cuomo Announces Loss Of Billions In Tax Revenue, Looks For Others To Blame

Quote:
Originally Posted by road squawker View Post
There's a reason that Fl now has a larger population than NY.

The snowbirds from NY finally figured out that Fl does not have a state income tax.
... and many of them moved there money Southward.



And would you bet against my thoughts that those same transplants will vote for the same level of assholeness as they did in NY?
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