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Yep, well known story. Two points on that I also found odd--the various articles on this from newspapers always talk about a potential cost of hundreds of millions for David Tepper specifically, but I've never seen a followup trying to figure out the actual cost. I'm sure it's a lot, but for policy's sake, it makes sense to try to ascertain just how much. Another thing is that there's never a time span put in there--is the projected/possible hundreds of millions loss for per year or over a lifetime?
Yea, but this sort of plays to his skepticism of the whole thing which is whether or not that state revenue difference was actually nearly as great as what the possible loss was or if there were actually quite a few interesting maneuvers that made the back of the envelope loss less than what was possible as well as the uncertainty of whether that estimated or real loss was something placed over several years.
Old people in the northeast heading to Florida is such a wonderfully rich topic for research.
Mr. Tepper’s payments may have even been higher. If Mr. Tepper earned $3.5 billion in 2013, his state tax bill could have been over $300 million, according to New Jersey accountants. Granted, his actual payments were probably far lower because of deferred income, charitable deductions and other accounting treatments.
Oh, for heaven's sake. Trump puts through a moronic tax change hugely favoring the rich, it negatively impacts NY which was doing fine without it (this is NOT a result of NY raising taxes) and you think this is a good thing? Trump is screwing with your home state's revenue, and this makes you HAPPY? Tax cuts on the middle class (that's you people, if you're doing well) might have to be delayed, and you celebrate?
It's not even like you fools are rich and benefited from the federal tax cut. (If you haven't figured this out yet, you soon will, when it turns out you were underwithheld by your employer all year.) You just figure that if you kneel down in front of a big man, somehow you, too, will benefit. You hate poor people and minorities enough that you'll make yourselves serfs of the rich if only they get hurt a little bit more. All the while talking about how proud and independent and free you are, when in fact you're just angling to be somebody's lackey.
Cuomo has been over spending for years. Basic math, he spends more than he takes in. Free college, now free college for illegal immigrants, healthcare for illegals, voting reforms ($22M), $15M for a film hub near Syracuse that sold for $1, $1.5B project for Buffalo & Syracuse, the list goes on and on. You can't blame Trump for the stupidity of Cuomo. $1.2M people moved out of NY since 2010 because of high taxes and lack of employment, especially upstate.
Free college, now free college for illegal immigrants, healthcare for illegals, voting reforms ($22M), $15M for a film hub near Syracuse that sold for $1, $1.5B project for Buffalo & Syracuse, the list goes on and on. You can't blame Trump for the stupidity of Cuomo. $1.2M people moved out of NY since 2010 because of high taxes and lack of employment, especially upstate.
So generous of him to spend all our money and keep writing IOUs after it ran out. Guess that's why people re-elected him
Cuomo has been over spending for years. Basic math, he spends more than he takes in. Free college, now free college for illegal immigrants, healthcare for illegals, voting reforms ($22M), $15M for a film hub near Syracuse that sold for $1, $1.5B project for Buffalo & Syracuse, the list goes on and on. You can't blame Trump for the stupidity of Cuomo. $1.2M people moved out of NY since 2010 because of high taxes and lack of employment, especially upstate.
I'll argue that the free college with its stipulations might make sense in the long run and the voting reforms is actually worth doing.
The state directly funding for individually selected companies to create jobs has a bad track record with its results and lacks transparency so should be done away with, or at the very least, dramatically reformed.
There could be a general limit on how much state revenue from one region can be poured into another part of the state (and really, that should be the case for federal income taxes as well and we should revisit parts of the 16th amendment). New York state has one golden goose and that's New York City (Ithaca and the Capital District are also doing well, but they don't generate all that much revenue as they are tiny, especially Ithaca). The state, or state politicians, has a strong incentive to raise taxes to get revenue from New York City, but a lot of that doesn't come back to the city and those tax policies don't necessarily make sense for the rest of the state. A limit of sorts might make increasing taxes less appealing because then less of it can be used to essentially buy campaign donors, and to some extent, voters, from around the state with giant state contracts to the same extent especially if this were coupled with some kind of campaign financing reform even if only on the state level. Another thing might be to have more parts of the state tapped into the NYC economic engine and expanding transit access to make reasonable commutes to NYC and Westchester job centers from more parts of the state might do that. Something like actually having commuter rail run through a Tappan Zee bridge connection, speeding up commuter rail and expanding northwards so commutes from further north are feasible, and actually getting the second set of tunnels across the Hudson with whatever version of the Gateway Project we're supposed to be doing now and electrifying and expanding the Port Jervis and Pascack Valley Lines so they can go straight into the city can make that a possibility.
Last edited by OyCrumbler; 02-11-2019 at 06:51 PM..
Today Cuomo was scheduled to travel to DC to visit Trump at the White House and on bended knee begging the Alfather to remove the SALT cap. Does Cuomo really think Trump owes him any favors after he has treated him so horribly the past 3-4 years? This is the perfect opportunity for a TRUMP TO NY: DROP DEAD! moment and I hope it happens. These two clowns Cuomo and deBlasio continue to try and out "progress" each other and it's put the middle class to upper class New Yorker looking at other alternatives. This state needs spending and tax reform and a new political direction that will encourage small and large business development
Today Cuomo was scheduled to travel to DC to visit Trump at the White House and on bended knee begging the Alfather to remove the SALT cap. Does Cuomo really think Trump owes him any favors after he has treated him so horribly the past 3-4 years? This is the perfect opportunity for a TRUMP TO NY: DROP DEAD! moment and I hope it happens. These two clowns Cuomo and deBlasio continue to try and out "progress" each other and it's put the middle class to upper class New Yorker looking at other alternatives. This state needs spending and tax reform and a new political direction that will encourage small and large business development
Well, these are the results of socialism, my friend!
Today Cuomo was scheduled to travel to DC to visit Trump at the White House and on bended knee begging the Alfather to remove the SALT cap. Does Cuomo really think Trump owes him any favors after he has treated him so horribly the past 3-4 years? This is the perfect opportunity for a TRUMP TO NY: DROP DEAD! moment and I hope it happens. These two clowns Cuomo and deBlasio continue to try and out "progress" each other and it's put the middle class to upper class New Yorker looking at other alternatives. This state needs spending and tax reform and a new political direction that will encourage small and large business development
DT cannot "remove" anything related to tax code. That must be done through the legislative process, and so far GOP in senate is in no mood. Repealing or tweaking SALT tax deduction of course would sail through the House (where any such legislation must originate), but don't get your hopes up afterwards.
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