Cuomo worried that Democrat strategy to tax the rich not working in his state.

This year New York is going to have a hard time making ends meet and the Democrats in charge are starting to realize that their go to strategy of "tax the rich" isn't working out the way they want.

“There is no doubt that the budget we put forward is not supported by the revenue,” the Democratic governor said during a news conference in Albany. “If even a small number of high-income taxpayers leave, it has a great effect on this tax base. You are relying on a very small number of people for the vast amount of your tax dollars.”

Cuomo has a message for others in his party; AOC, Berny and ect ....

“Tax the rich, tax the rich, tax the rich -- and then the rich leave. And then what do you do?” he asked. “It would be the absolute worst thing to do right now. At the same time, you don’t have the ability to reduce taxes on the rich because that would just expand the shortfall.”

The Democratic Governor is starting to sound like Ayn Rand.

“They are investors, they have accountants, they are making informed decisions,” Cuomo said. “This is going to be the tipping point and people will now be making a geographical change.”

If we forget for a second that he should have known about this shortfall before his reelection last year and kept it from New Yorkers until now... we are still left with the reality that he is now signaling that he will likely increase taxes and government costs on the middle class so that he can shelter the rich.

www.bloomberg.com...

This isn't rocket surgery.

There may be a lot of millionaires in NY, but they will leave and rightly so, if the government thinks they can confiscate their wealth to fund their stupid programs.

and he is blaming Trump...no more moving around the taxes and writing it off in one place and paying in another. It shows the rich are NOT getting a break. Cuomo sucks...

Link

What Trump’s tax reform did was to restore fairness to the tax code, was to put an end to the injustice of all Americans — including those in the middle class — paying for the sky high tax rates in states like New York. You see, before Trump reformed the tax code, all Americans were subsidizing the rich. It used to be that you could write off every penny of your state income tax on your federal income tax.

Trump put an end to this outrage. Here’s how it works… In the state of New York, if you earn over $1.078 million per year, you pay an income tax to the state of almost nine percent. In other words, using round numbers, a New York resident who earns $10 million owes the state of New York close to $900,000 in income taxes. But… Democrat-run states like New York knew that their rich residents would not feel the sting of that $900,000 tax bill because that $900,000 could be written off of their federal tax bill.

a reply to: DanDanDat

See... Here in lies the problem.

You tax the rich, the rich leave. Rightly so.

You don't want the rich to leave because they help keep your votes in check when you need them and tax revenue for the jobs they create. Sooooooo... You tax the middle class.

The middle class leave but just as with any vacuum... more come along to fill those spots.


Problem is... No one really cares about the middle class.

I'm not about taxing the rich for their hard earned money but I'm doubly not about taxing the middle class for working 10x as hard for the scraps they're left with after bills.

originally posted by: DanDanDat
This years New York is going to have a hard making ends meet and the Democrats in charge are starting to realize that their go to "tax the rich" isn't working out the way they want.

“There is no doubt that the budget we put forward is not supported by the revenue,” the Democratic governor said during a news conference in Albany. “If even a small number of high-income taxpayers leave, it has a great effect on this tax base. You are relying on a very small number of people for the vast amount of your tax dollars.”

Cuomo has a message for others in his party; AOC, Berry and ect ....

“Tax the rich, tax the rich, tax the rich -- and then the rich leave. And then what do you do?” he asked. “It would be the absolute worst thing to do right now. At the same time, you don’t have the ability to reduce taxes on the rich because that would just expand the shortfall.”

The Democratic Governor is starting to sound like Ayn Rand.

“They are investors, they have accountants, they are making informed decisions,” Cuomo said. “This is going to be the tipping point and people will now be making a geographical change.”

If we forget for a second that he should have known about this shortfall before his reelection last year and kept it from New Yorkers until now... we are still left with the reality that he is now singling that he will likely increase taxes and government costs on the middle class so that he can shelter the rich.

www.bloomberg.com...

All the northeast high tax states are having budget issues because the wealthy (mostly big shot Wall Streeters) are leaving in droves to Florida. This has been going on a couple of years as technology has made it possible to do their work pretty much anywhere. Several multi-billionaire hedger fund managers have left NY, CT, and NJ because of taxes.

Capital is fluid and will move to where there is less friction (taxes). I don't care if you are a billionaire, if you can save $50 million or some other absurd amount of money, you will move. It is still a lot of money even if it does't necessarily affect your lifestyle.

Government and society has a spending problem, not a tax problem....

Maybe he should cut all the socialized liberal BS he spends our tax money on?

I live in NY and I don't get free healthcare. But illegal aliens living in NYC certainly do.

Homeless in NYC get free room and board at motels in the winter. Places that cost hundreds or thousands of dollars a day. It's how motels in NYC stay in business over the winter because of the lack of tourism. But how is that fair to the taxpayers?

Our politicians are not beholden to us. If they were given more money, they would make even worse financial decisions than they do now.

Want to make a change for the better? Cut off the line of debt. Make it a federal offense to spend more than they receive in taxes each year. No more spending money they don't have.

All I can say is ...

DUH!

There is a solution, but they won’t like it. Won’t like it one bit.

Eliminate all (state and federal) income taxes, state and local sales taxes and other hidden taxes.

A flat 10% sales tax. 5% stays in the state in which it is collected. 5% goes to the federal government in which 3% stays for operational costs of the federal government and 2% is redistributed to the 50 states as federal assisted funding programs.

Social security and Medicare taxes can remain or reorganized as needed.

But this decentralizes federal power over the states and the people and has the misfortune of countering one party’s political platform and weakening the spending power of the other one. I’ll leave it to the reader to identify them.

originally posted by: DanDanDat
The Democratic Governor is starting to sound like Ayn Rand.

Or JFK, which may be very intentional.

You are relying on a very small number of people for the vast amount of your tax dollars.”

Which is completely unconstitutional between the 4th and 14th amendments.

The RIGHTS to being secure in your papers,houses, and effects, and equal protection under the law.

What you do is reduce government programs.

P's right it's not rocket science.

The answer to this problem is actually to kill more babies. Baal is THIRSTY!

*This message given to you on an imaginary and magikal platter made of succulent young and virginal human flesh by the New York State Satan club*

HAIL SATAN

duplicate

New York can always tax the rain like New Jersey

Rich people always move away from high tax states and counties because they are rich and can afford to move. It is always the middle class and low income folks that get punished by high taxes. One way or another we all bear the brunt of failed high tax strategies.

a reply to: DanDanDat

Obviously the solution is to make it extremely difficult and prohibitively costly for the rich to leave the state. I'm sure AOC would supply a remedy like that.

originally posted by: Edumakated

originally posted by: DanDanDat
This years New York is going to have a hard making ends meet and the Democrats in charge are starting to realize that their go to "tax the rich" isn't working out the way they want.

“There is no doubt that the budget we put forward is not supported by the revenue,” the Democratic governor said during a news conference in Albany. “If even a small number of high-income taxpayers leave, it has a great effect on this tax base. You are relying on a very small number of people for the vast amount of your tax dollars.”

Cuomo has a message for others in his party; AOC, Berry and ect ....

“Tax the rich, tax the rich, tax the rich -- and then the rich leave. And then what do you do?” he asked. “It would be the absolute worst thing to do right now. At the same time, you don’t have the ability to reduce taxes on the rich because that would just expand the shortfall.”

The Democratic Governor is starting to sound like Ayn Rand.

“They are investors, they have accountants, they are making informed decisions,” Cuomo said. “This is going to be the tipping point and people will now be making a geographical change.”

If we forget for a second that he should have known about this shortfall before his reelection last year and kept it from New Yorkers until now... we are still left with the reality that he is now singling that he will likely increase taxes and government costs on the middle class so that he can shelter the rich.

www.bloomberg.com...

Government and society has a spending problem, not a tax problem....

originally posted by: Ahabstar
There is a solution, but they won’t like it. Won’t like it one bit.

Eliminate all (state and federal) income taxes, state and local sales taxes and other hidden taxes.

A flat 10% sales tax. 5% stays in the state in which it is collected. 5% goes to the federal government in which 3% stays for operational costs of the federal government and 2% is redistributed to the 50 states as federal assisted funding programs.

Social security and Medicare taxes can remain or reorganized as needed.

But this decentralizes federal power over the states and the people and has the misfortune of countering one party’s political platform and weakening the spending power of the other one. I’ll leave it to the reader to identify them.

originally posted by: Ahabstar
There is a solution, but they won’t like it. Won’t like it one bit.

Eliminate all (state and federal) income taxes, state and local sales taxes and other hidden taxes.

A flat 10% sales tax. 5% stays in the state in which it is collected. 5% goes to the federal government in which 3% stays for operational costs of the federal government and 2% is redistributed to the 50 states as federal assisted funding programs.

Social security and Medicare taxes can remain or reorganized as needed.

But this decentralizes federal power over the states and the people and has the misfortune of countering one party’s political platform and weakening the spending power of the other one. I’ll leave it to the reader to identify them.

That is a great plan!
One I would vote for no matter who put it forward.

New York has completely gentrified itself, to where no working class people can afford to live there, and no industry can operate their. It’s massively inflated it’s home prices out of the stratosphere due to the financialized business model that works not by earning income through any labor the owners do, but rather through extracting the profit from people who actually do work and labor for a living. What you all fail to grasp is that the capitalists are organized and have solidarity, so you can’t do a simple plan like “raise taxes” without expecting them to fight back. They wage real class war holding the economy for hostage and all the power is theirs. It will take sweeping reforms and an actual class war platform to fight this, not a simple solution. Further, your statements of “taking the money they work for” are misinformed. We’re talking people who make millions of dollars. People in that bracket don’t earn money through labor. They accumulate it from other people who actually produce it. Through exploitation. And the taxes on the wealthy are all from disposable income, vs taxes on middle and working class which take away from spending on food and other necessities or translate to debt.

originally posted by: Ahabstar
There is a solution, but they won’t like it. Won’t like it one bit.

Eliminate all (state and federal) income taxes, state and local sales taxes and other hidden taxes.

A flat 10% sales tax. 5% stays in the state in which it is collected. 5% goes to the federal government in which 3% stays for operational costs of the federal government and 2% is redistributed to the 50 states as federal assisted funding programs.

Social security and Medicare taxes can remain or reorganized as needed.

But this decentralizes federal power over the states and the people and has the misfortune of countering one party’s political platform and weakening the spending power of the other one. I’ll leave it to the reader to identify them.

Yep , there is a post here on a weekly basis that the rich pay the majority of taxes.

However , just about everyone of those studies is BS and solely based on the supposed TAX bracket and does not account for the deductions, exemptions, loop holes, and creative accounting including overseas.

The flat tax would eliminate the deductions which is basically the loopholes for the extremely wealthy. No way Jeff bezos , musk, gates, etc want to pay the same tax to income ratio the middle class pays without their loopholes.

originally posted by: pexx421
New York has completely gentrified itself, to where no working class people can afford to live there, and no industry can operate their. It’s massively inflated it’s home prices out of the stratosphere due to the financialized business model that works not by earning income through any labor the owners do, but rather through extracting the profit from people who actually do work and labor for a living. What you all fail to grasp is that the capitalists are organized and have solidarity, so you can’t do a simple plan like “raise taxes” without expecting them to fight back. They wage real class war holding the economy for hostage and all the power is theirs. It will take sweeping reforms and an actual class war platform to fight this, not a simple solution. Further, your statements of “taking the money they work for” are misinformed. We’re talking people who make millions of dollars. People in that bracket don’t earn money through labor. They accumulate it from other people who actually produce it. Through exploitation. And the taxes on the wealthy are all from disposable income, vs taxes on middle and working class which take away from spending on food and other necessities or translate to debt.

Yes, NYC has completely gentrified.

However, to your other points. Go ask some guy working 80-100+ Hours a week on Wall Street if they aren't working for their money. Most of these guys make money, by making other people money. They get a cut of the profits they generate. When you hear of some hedge fund guy making $100 million, it is because he made the investors in his fund a sh*t ton of money well above what the general market returns.

These guys are why your grandma's pension can continue paying out her retirement.