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Is this a rhetorical question? What happens if money earned in NYS goes to the federal government and NYS ends up getting less federal spending per capita than almost all other states? Oh that’s right, you have to make up for some of that with state and municipal taxes. If much more of that money had come back into NYS, even if slightly worse per capita than the national average, then that spending could have gone into development projects, infrastructure improvements, r&d at universities and research centers, etc., and that money means jobs, employment, and better infrastructure that aids such. It’s insane that NYS which has had obviously struggling areas for decades kept on being a massive net donor state on the federal level. South Carolina, for example, gets a net $25 BILLION. NYS gets a net negative $35 billion. That’s a $60 Billion difference. It’s goddamn insane—you don’t think a $60 billion a year difference in federal spending in NYS might make a notable difference in employment or the economic stability of a place?
Maybe if we followed the Constitution we would find that these are state responsibilities, not federal. Cut his from the federal budget and let the states decide
Maybe if our state representatives actually tried to work with this administration instead of constantly threatening lawsuits and fighting with them constantly we could get more federal aid.
The bottom line is we pay much more in STATE and local taxes compared to other states due to our ultraliberal laws and mandates. Cuomo always wants to blame others for his own mistakes. Being a sanctuary state costs a lot of money to provide health care and housing assistance for the illegals. Being beholden to The unions that fund his campaign increases expenses for health care and pensions
Maybe if our state representatives actually tried to work with this administration instead of constantly threatening lawsuits and fighting with them constantly we could get more federal aid.
The bottom line is we pay much more in STATE and local taxes compared to other states due to our ultraliberal laws and mandates. Cuomo always wants to blame others for his own mistakes. Being a sanctuary state costs a lot of money to provide health care and housing assistance for the illegals. Being beholden to The unions that fund his campaign increases expenses for health care and pensions
Decades on end of this, this current slate of federal, state, and municipal officials aren’t what caused this though this federal administration laid the way for revoking the provisions that convinced NYS lawmakers decades ago to go with these shenanigans.
Amazing that, with the highest taxes in the nation, the dimwits running NYS can still manage to wrack up a deficit. Who would think it possible?
That's easy. The more the government "provides", the more people believe those provisions are the governments responsibility. It's a continuing spiral of taxing more and spending more.
Additionally, the higher the tax rate, the less economic activity takes place and tax revenue is less than it would have been.
The opposite is happening at the federal level. Lower tax rates have increased tax revenue.
Is this a rhetorical question? What happens if money earned in NYS goes to the federal government and NYS ends up getting less federal spending per capita than almost all other states? Oh that’s right, you have to make up for some of that with state and municipal taxes. If much more of that money had come back into NYS, even if slightly worse per capita than the national average, then that spending could have gone into development projects, infrastructure improvements, r&d at universities and research centers, etc., and that money means jobs, employment, and better infrastructure that aids such. It’s insane that NYS which has had obviously struggling areas for decades kept on being a massive net donor state on the federal level. South Carolina, for example, gets a net $25 BILLION. NYS gets a net negative $35 billion. That’s a $60 Billion difference. It’s goddamn insane—you don’t think a $60 billion a year difference in federal spending in NYS might make a notable difference in employment or the economic stability of a place?
24/7 Wall St. reviewed the report in addition to Census data to identify the states getting the most and least from Uncle Sam. States were ranked based on the amount of money they received per capita from the federal government in fiscal 2017 minus the amount residents and organizations paid the federal government per capita.
"and organizations"
Banks, other types of financial institutions, corporations, LLC's, etc.
Quote:
On the flip side, the states that give more to the federal government than they receive tend to have higher income residents. Exceptions include states like Maryland and Virginia, which, though they are wealthier states, also benefit from disproportionately high federal funding partly due to their large defense contracting sectors.
Not 100% true, lots of overpaid government employees and contractors in VA.
Gross federal aid per capita, NY and SC:
NY $11,289.66
SC $11,742.43
SC is higher for a variety of reasons, main reason being the military bases, plus the Savannah River Project, and higher-than-averaga poverty levels in some rural areas.
I don't see any big difference in federal monies doled out to the states, per-capita, among the states. So what if NY sends, say, $450B to the feds every year, but gets about average back, per-capita,? It's not household income taxes that make the huge difference, it's corporate taxes for companies mainly in the NYC metro.
Tax filers in NY filing for a household get more back from the Treasury than, say, a household in SC and most of the other states, for obvious reasons. I'd be paying a lot more, probably roughly 3 times as much, in state and local taxes in NY if we still lived there, but NY households with the same income ours has get a lot more back from the federal government due to SALT deductions.
NY needs to get its act together, but it won't because of all of the special interests the state caters to.
That's easy. The more the government "provides", the more people believe those provisions are the governments responsibility. It's a continuing spiral of taxing more and spending more.
Additionally, the higher the tax rate, the less economic activity takes place and tax revenue is less than it would have been.
The opposite is happening at the federal level. Lower tax rates have increased tax revenue.
Not according to CNBC:
Quote:
US lost more tax revenue than any other developed country in 2018 due to Trump tax cuts, new report says
U.S. tax revenue as a proportion of GDP drops the most of any country in the Organisation for Economic Co-operation and Development in 2018, according to a new report.
Thanks to Trump’s tax cuts, the U.S. tax-to-GDP ratio falls 2.5% from 2017 to 2018, the OECD finds.
The 2017 tax cuts dramatically alter the U.S. tax landscape for the first time in decades, though the promised surge in economic growth and investment does not result.
**Why do I always find myself correcting other people's assumptions, which they tout as "facts?" It only took me about a minute - and anyone can do it with a quick search.**
**Why do I always find myself correcting other people's assumptions, which they tout as "facts?" It only took me about a minute - and anyone can do it with a quick search.**
Thank you for the link. Yes, you are correct - revenue increased by $133 B (of course spending increased by $339B). Up to $100B of this increase was due to increases in tariffs collected, and paid by Americans. Tax revenue has increased every year since 2009, as the economy has grown.
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