Looks like the People’s Soviet of New York is running out of other people’s money:
ALBANY — Gov. Andrew M. Cuomo on Monday announced a dramatic drop in state income tax revenue of $2.8 billion, which he says will prompt him to revise his 2019-20 budget and reconsider spending on schools, health care and repairs to roads and bridges.
“At this point there is no doubt that the budget we put forward is not supported by the revenues,” Cuomo said at a State Capitol news conference. “It’s as serious as a heart attack.”
Cuomo said he’s not certain what areas might need to be cut, but said the biggest spending areas now are education, health care, infrastructure and another phase-in of a previously approved middle-class tax cut.
Of course, it’s not his fault or the fault of NY’s bloated social policies, benefits obligations and union payouts, oh no. Guess whose fault it really is?
Cuomo, a Democrat, blamed the shortfall on a federal tax plan backed by Republican President Donald Trump. Cuomo said the law’s cap on deductions for state and local taxes at $10,000 was to blame and suggested it is, anecdotally, triggering high-earners to leave New York.
Any time a politician has to resort to anecdotal data, then he’s the one to blame.
Ah yes, it’s Trump’s fault that NY charges people over $10K per year in taxes and anything over that isn’t deductible, so people move to states that steal less of the money they make. Same thing in my current state of NJ.
Want a RCOB Kim? When I sell my house in NJ and move to PA, I’ll have to pay an exit tax, in addition to the 18 years of property taxes I’ve already paid, in addition to the 1% sales tax on my home, since I will be moving out of NJ I’ll have to pay either 3% of the sale price of my home or 8.27% (IIRC, but in that neighborhood) of the difference between the purchase price and sale price, whichever is higher (of course). So I have to PAY NJ to be allowed to leave NJ.
You know what, it’s worth it.
Now where did I put that catalog of AR-15s?
Mark D
I thought the exit tax only applied if you owned multiple homes?
My wife and I are looking at selling our NJ house sometime in the next 2 years. We would probably rent for a while in NJ while shopping for greener pastures – which is how you avoid the tax.
Not from what I’ve seen. Probably comes out the same either way, either renting for a while before you relocate or paying the tax.
Mark D
I’m laughing so hard here, I’m in tears! The Dems still haven’t figured it out. Rich Dems and rich Reps have one thing in common: they’re RICH! They will stand for policies and practices on both sides that may effect the entire rest of the world, and they will foolishly donate money to causes and candidates on both sides of the aisle, but when someone on either side starts screwing with their TREASURE, they will band together and fight EVERYONE to preserve what’s rightfully theirs!
Kinda neat how they announce cuts education, infrastructure, and other OMG! items instead of weeding the bureaucracy, scaling back on payments to non-citizens, or ending other absolutely unnecessary boondoggles.
Had Cuomo not given a massive tax break to Tesla’s Gigafactory 2 in Buffalo, a third of that shortfall wouldn’t exist. Cuomo senior used the Thruway funds for welfare until a bridge collapse killed nearly a dozen people, so the kid has his strategy all set.
I’m not Mark D, but my story is similar. Left NY, nicer house, total taxes are maybe 2/3 what I was paying in NY. I should have done it sooner. Andy said NY didn’t want people like me. I guess that means law abiding people with jobs married to a legal immigrant.
“Cuomo said the law’s cap on deductions for state and local taxes at $10,000 was to blame ”
The only way this could be true would be if people started working less so they’d have less to pay in taxes, to offset the loss in deductions. But Democrats constantly tell us this never happens. Therefore, Cuomo’s a liar. QED.
Or moved away to avoid paying taxes out the ass.
I’m basking in the schadenfreude of Cuomo & Co. having shat the bed. I hope they roll over often and enjoy the smell.
The down side for me is entirely too many of NY’s Leftist expats escaping that smell have moved to my beloved Virginia, bringing their stinking shit with them. They are driving up real estate prices with their new-found wealth from selling off their overpriced houses in New York and voting here just like they did in New York, turning a once solidly conservative state blue.
Well I’m selling my house, moving to PA paying off what I owe and buying a house with money in the bank. But I’ve spent the last few decades knowing that my vote doesn’t count because there’s a dozen socialists and a hundred dead people voting against me
I’ll vote the same way in PA I did in NJ and NYC, but maybe it’ll count now.
“…my vote doesn’t count because there’s a dozen socialists and a hundred dead people voting against me” That’s what’s beginning to happen here, esp. in DC South, or what we used to call “Northern Virginia.”
Good luck to ya Mark, and I hope you and others like you can keep PA in the MAGA column.