New York state’s income tax take is dropping rapidly, but its leaders don’t seem interested in truly facing the implications.
Cuomo partly gets what’s going on: “‘Tax the rich! Tax the rich! Tax the rich!’ We did. Now, God forbid, the rich leave,” but it is the middle class fleeing oppresive income, property, school, town, city, county taxes and mindnumbing fees, expensive regulations on homes, cars, parking, you name it, if they can charge for it, there is a fee to use it.
The middle and lower classes are heading for lower-tax states.
The gov blames President Trump, But the exodus started long before the SALT.
The Empire Center’s E.J. McMahon has cited census data showing New Yorkers fleeing to Florida, Arizona and other low-tax states for years BEFORE Trump even considered a run for office!
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.”
But he’s not raising the issue of long-term reforms to address the problem — other than vowing to “fight the loss of the SALT deduction and do everything possible to protect taxpayers.” Everything, that is, except taxing them less so they don’t leave.
Read more and weep for New York: https://nypost.com/2019/02/04/new-york-has-a-giant-tax-problem-its-leaders-dont-want-to-face/