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Gov. Andrew Cuomo announced Monday that state income tax revenues plummeted by $2.3 billion since he introduced his new budget plan last month — a bombshell that will force him to curb spending.
“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.”
https://nypost.com/2019/02/04/cuomo-announces-income-tax-revenues-have-dropped-by-2-3b/
Cuomo blames the Trump tax cut's SALT limitation.
While the article doesn't expressly state why the SALT limitation has an impact the obvious answer is that wealthy New Yorkers are taking up residence in states that don't have huge property and income taxes on the wealthy. If they can no longer deduct their state taxes they'll live somewhere that it doesn't make a difference.
I love this bit.
I wonder if his brother, Chris, feels the same way?
https://nypost.com/2019/02/04/cuomo-announces-income-tax-revenues-have-dropped-by-2-3b/
Cuomo blames the Trump tax cut's SALT limitation.
While the article doesn't expressly state why the SALT limitation has an impact the obvious answer is that wealthy New Yorkers are taking up residence in states that don't have huge property and income taxes on the wealthy. If they can no longer deduct their state taxes they'll live somewhere that it doesn't make a difference.
I love this bit.
I wonder if his brother, Chris, feels the same way?
1) NYS taxes income earned in NYS, so moving will not change their tax liability
2) There is no evidence of an outflux of wealthy people in NYS
3) The areas around NYS that a wealthy person would most likely move to have real estate taxes that are equal, or even higher than, the real estate taxes they are paying now
4) NYC real estate taxes are relatively low in Manhattan, which is where most of the wealthy NYC residents live
Cuomo said Albany can’t go to the well and tax the wealthy again because that would only worsen the situation, citing “anecdotal” evidence that high-income New Yorkers are already fleeing the state to lower-tax jurisdictions.
1) NYS taxes income earned in NYS, so moving will not change their tax liability
2) There is no evidence of an outflux of wealthy people in NYS
3) The areas around NYS that a wealthy person would most likely move to have real estate taxes that are equal, or even higher than, the real estate taxes they are paying now
4) NYC real estate taxes are relatively low in Manhattan, which is where most of the wealthy NYC residents live
Of course he'll blame everything else but his own choices. He's been living in a bubble and promoting that bubble that people are not leaving NY because of the high taxes (he says it's because of the weather!) But let him keep giving **** away. I'm outta here in 4 years.
I may be mistaken as I don't do too many NY returns these days but, if I remember correctly, NY taxes residents on all their income no matter where they earn it but non-residents only get taxed on that portion of their income that was earned in NY. What I mean is, if a New Yorker moved to Florida and only rented a place when they visited New York then they would have little to no New York income to tax.
I only mentioned the idea of wealthy New Yorkers leaving because it was mentioned in the article.
Naturally, I don't live there or operate a business there so my take could definitely be off.
That is correct, however you also get credit for what you pay that other state in income tax. Unless you're earning in an income tax free state, but I don't see that since there isn't one next door.
https://nypost.com/2019/02/04/cuomo-announces-income-tax-revenues-have-dropped-by-2-3b/
Cuomo blames the Trump tax cut's SALT limitation.
While the article doesn't expressly state why the SALT limitation has an impact the obvious answer is that wealthy New Yorkers are taking up residence in states that don't have huge property and income taxes on the wealthy. If they can no longer deduct their state taxes they'll live somewhere that it doesn't make a difference.
I love this bit.
I wonder if his brother, Chris, feels the same way?
A low real estate tax rate is no good when the property is assessed ridiculously high. People aren't moving from NY to surrounding areas, they are moving to places where the taxes are not as high.
Of course he'll blame everything else but his own choices. He's been living in a bubble and promoting that bubble that people are not leaving NY because of the high taxes (he says it's because of the weather!) But let him keep giving **** away. I'm outta here in 4 years.
NYS population has been growing.
I may be mistaken as I don't do too many NY returns these days but, if I remember correctly, NY taxes residents on all their income no matter where they earn it but non-residents only get taxed on that portion of their income that was earned in NY. What I mean is, if a New Yorker moved to Florida and only rented a place when they visited New York then they would have little to no New York income to tax.
I only mentioned the idea of wealthy New Yorkers leaving because it was mentioned in the article.
Naturally, I don't live there or operate a business there so my take could definitely be off.
A low real estate tax rate is no good when the property is assessed ridiculously high. People aren't moving from NY to surrounding areas, they are moving to places where the taxes are not as high.
Right. However, most billionaires aren't getting a W-2...or not a significant one. Their income usually comes in the form of investments and business earnings. If they aren't doing business in New York and have moved out of state then Cuomo won't be getting any income tax from them. What I'm saying is that they probably don't need to worry about a commute.
"ALBANY - New York's population continues to decline faster than any other state, according to new data released Wednesday by the U.S. Census Bureau.
The report found New York was just one of nine states to see a decrease in population, losing an estimated 48,510 residents between July 1, 2017, and July 1, 2018. ..."
https://www.democratandchronicle.co...york-population-loss-steepest-u-s/2362167002/
Andy needs to cutback drastically on his obscene spending habits. No more new taxes, fees, congestion taxes and other money grabs. No more waste and corruption for his cronies.
Not many wealthy NYer's have left. Most have multiple residences elsewhere, and NYC is where they make their bucks. What they are doing is changing their legal residences and spending more time in those other homes. The truly rich have options. They can easily commute from Florida, or elsewhere for 2 to 3 days per week, and do the rest of their work via the net. I have one acquaintance who semi retired 20 years ago to a horse ranch in Kentucky. He flies to NYC for 2 to 3 days a week, oversees his business and returns home to Kentucky. While here, he stays at his luxurious $million condo that he bought years back for $250k, his wife shops and they catch a show, dine out, visit with family and friends if in the mood. Rural Kentucky is his lawful residence.
The stock market woes contributed about 60% of the tax revenue drop, along with a significant drop in transfer and mortgage taxes as real property sales declined.
"ALBANY - New York's population continues to decline faster than any other state, according to new data released Wednesday by the U.S. Census Bureau.
The report found New York was just one of nine states to see a decrease in population, losing an estimated 48,510 residents between July 1, 2017, and July 1, 2018. ..."
https://www.democratandchronicle.co...york-population-loss-steepest-u-s/2362167002/
A one year drop is not a trend.
It is a trend; read the article.
Besides, your claim was that NYS population is increasing ... (grin).
"ALBANY - New York's population continues to decline faster than any other state, according to new data released Wednesday by the U.S. Census Bureau.
The report found New York was just one of nine states to see a decrease in population, losing an estimated 48,510 residents between July 1, 2017, and July 1, 2018. ..."
https://www.democratandchronicle.co...york-population-loss-steepest-u-s/2362167002/
It is increasing over the long-term. The article clearly states NYS pop is higher now than it was in 2013
And, as the op article clearly states, the level of taxation is going down.
It is increasing over the long-term. The article clearly states NYS pop is higher now than it was in 2013
And, as the op article clearly states, the level of taxation is going down.
So the population that is growing, is not paying taxes. Go figure.
It won't be the super rich who leave. It will be the middle clase who leaves. Liberal areas tend to have massive income inequality of a fw super rich people and gobs of low income people on government assistance. It is the middle class that Democrat/liberal government targets for tax and regulatory shakedowns.
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