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Because he is talking about NY state, not NYC. NY state has had problems for decades. Decades ago I saw bargains on old houses in NY State, selling for less than 20% of a comparable home in Brooklyn or Staten Island. But the real estate taxes were comparable to similar houses in NYC, because there was no tax base left in those isolated towns all across the state. This is nothing new for NY state. It has no bearing on NJ. And it has nothing to do with illegal immigration.
No. This is a new problem. NYS revenue was down 2.3 Billion from last year, which Como said was “As serious as a heart attack.”
He went on to say:
Quote:
"I don't believe raising taxes on the rich," Cuomo said. "That would be the worst thing to do. You would just expand the shortfall. God forbid if the rich leave."
He's absolutely correct, though he'll no doubt get royally roasted by the far-left of the New York Democratic Party. The state already has a steeply progressive tax code. The top 1% of earners pay 46% of all the income taxes. That's punitive.
ICE must be sleeping. Why do we reward people for breaking rules and laws? I worked, my wife worked almost 40 years and we put our legal kids through college by working double shifts. Disgrace that our tax money pays for this.
Because your neighbors are voting for democrats, who have no policies other than buying votes and enacting policies that will import future democratic voters.
There are some classical liberal policies that are defensible, but the whole party has moved away from them. Instead, it's handing out taxpayer money left and right to buy votes.
In support of his comments, Cuomo cited "anecdotal" evidence that showed high-income earners are leaving the high-tax Empire State for other low-tax states.
and
That means the actual deficit in state funding after just one month is 3%. Cuomo says it's due to the new federal tax code, which limits state income tax deductions to $10,000, and recent volatility in the stock market.
So the deficit is a result of the new Trump tax code and only anecdotal evidence was given indicating high earners are leaving. Why is the governor of New York merely providing “anecdotal” evidence?
In support of his comments, Cuomo cited "anecdotal" evidence that showed high-income earners are leaving the high-tax Empire State for other low-tax states.
and
That means the actual deficit in state funding after just one month is 3%. Cuomo says it's due to the new federal tax code, which limits state income tax deductions to $10,000, and recent volatility in the stock market.
So the deficit is a result of the new Trump tax code and only anecdotal evidence was given indicating high earners are leaving. Why is the governor of New York merely providing “anecdotal” evidence?
And you forgot to post what it said RIGHT after the “anectodal” quote....
Quote:
But the evidence isn't merely anecdotal. It's a fact.
Just last month, United Van Lines released its 42nd annual "National Movers Study," which tracks comings and goings from all the states.
Leaving New York
Last year, the study said, 61.5% of New York movers left the state; just 38.5% moved in. Among those who left, 41% earned $150,000 or more. Just 8.4% earned less than $50,000.
From 2010 to mid-2017, New York had a net outmigration of over 1 million people, more than any other state. No, they're not all rich. But many are.
And you forgot to post what it said RIGHT after the “anectodal” quote....
And that same United Van Lines article said the following:
“More than 41 percent of those who left earn $150,000 or more, the largest proportion among the five income brackets in the study. By contrast, just 8.4 percent of now-former New Yorkers earned less than $50,000, the study found.
The bulk of the Empire State's new arrivals were rich, too — about 46.2 percent of last year's inbound movers earn $150,000 or more, according to the study.”
It sounds like those that left were replaced mostly by other high earners. Maybe this is why the anecdote was more compelling.
And that same United Van Lines article said the following:
“More than 41 percent of those who left earn $150,000 or more, the largest proportion among the five income brackets in the study. By contrast, just 8.4 percent of now-former New Yorkers earned less than $50,000, the study found.
The bulk of the Empire State's new arrivals were rich, too — about 46.2 percent of last year's inbound movers earn $150,000 or more, according to the study.”
It sounds like those that left were replaced mostly by other high earners. Maybe this is why the anecdote was more compelling.
That’s not the way it works though. You cant just replace them. Government spending goes up. State employees get COL raises in their contracts. A state needs growth to keep up, not stagnation or decline.
That’s not the way it works though. You cant just replace them. Government spending goes up. State employees get COL raises in their contracts. A state needs growth to keep up, not stagnation or decline.
Growth in revenue doesn’t need to come via increased population.
Growth in revenue doesn’t need to come via increased population.
No, it doesn’t. But increase in the right people, sure helps. Conversely, increase in the wrong population can decrease revenue.
You can have an increase in revenue with a stagnant population. There are two ways that can happen. Either the existing residents and corporations can earn more than the increase in government spending. Or, you can raise taxes.
Since when is an income of 150K considered rich in the NYC/North Jersey area??
Our immigration laws are a mess. Cumbersome, time-consuming and expensive. Who wants to wait 15-20 years to get in? No consequences for those that break the laws either.
We need a point system, like Canada or Australia. You let people in based on current or projected demand for their skills, be they a day-laborer or a doctor. It’s that simple.
If I were a betting man I would wager that a majority of those illegally moving to NJ's sanctuary state aren't people with higher education or skills along with low birth rates.
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