“This is the most serious revenue shock the state has faced in many years,” DiNapoli said.”
Cuomo’s fiscal aides first began seeing warning signs in December. That’s when estimated state income tax payments began to sharply slide.
Cuomo said it also is when wealthy people would ordinarily make estimated tax payments. Many did not, because they will be feeling the brunt of the federal tax law that restricts the ability of New Yorkers to deduct state and local taxes, such as their property taxes, on their federal forms.
One percent of tax filers – end up paying 46 percent of the personal income taxes the state collects each year.
“Tax the rich. Tax the rich. Tax the rich. We did that. God forbid the rich leave.”
Cuomo declined to say what spending might have to be trimmed to accommodate the lower tax revenue numbers.”
It will mean tax hikes, or freezing the of a middle-class income tax cut that began several years ago.
“Assembly Speaker Carl Heastie, a Bronx Democrat talked with Cuomo but it is uncertain precisely what’s behind the revenue drop,”
(smh, they are all fiscally stupid)
“I’m just not sure what is actually causing it,” he told reporters outside his Capitol office.”