Cuomo blinks! Can't tax rich anymore as state revenues drop by 50% (taxes, dangerous)
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I'll say this again; neither Albany nor city hall know exactly how much revenue has declined, and won't until after April's tax deadline passes. Then and only then will state and local governments know what is in the kitty for coming fiscal year.
Trust funds and retirees maybe. The others enjoy the business opps that NYC provides and ensure that a big chunk of their income isn't taxed by NYS/C.
Those who turned down Amazon because they are too dumb to understand that a tax credit is an OFFSET to income tax that is due, so there isn't $3B lying around should be sent the bill to fund all of their programs. Like paving the state with high speed rail so that we don't have to fly to Chicago.
There just aren't enough billionaires to tax to fund every scheme that someone devises.
A google search finds that in 2017- 2018 fiscal year NY State made the record of the highest tax and fees collections in its history. Look at the graph.
A google search finds that in 2017- 2018 fiscal year NY State made the record of the highest tax and fees collections in its history. Look at the graph.
State receives largest portion of revenue from income taxes; if those receipts decline there is less money in the kitty. This is important for a host of reasons but paramount to Cuomo is now that bleeding heart liberal progressive democrats control Albany they have a long wish list of social issues/programs they want done. Where is the money going to come from to fund all these liberal wet dreams?
The Mouth of Albany has had a GOP senate to play off against democrats in order to curb worse spending excesses; that is no longer true. With solid majorities in both houses his own party could simply over ride any veto of budget/spending and do what they want.
As this certainly is Cuomo's last time at the rodeo (Thank God!), he doesn't want to go out as the governor that left NYS in a fiscal mess. Well more so than it normal anyway. Plus being seen as a tax and spend liberal democrat hands GOP and other political enemies of AC a big stick to beat him with should the man attempt to run for national office.
I think the state needs a fiscal conservative who cares about passenger rail
Isn't Cuomo per se; he's just the rash that the disease long afflicting NYC finally broke out in.
New York long as been a liberal/democrat welfare state. Republicans have when possible to do their best, but overall for the past two or more decades trend is clear.
Isn't Cuomo per se; he's just the rash that the disease long afflicting NYC finally broke out in.
New York long as been a liberal/democrat welfare state. Republicans have when possible to do their best, but overall for the past two or more decades trend is clear.
Well, the moderate republicans have all gone, the rest went insane and don't even care about fiscal conservatism or infrastructure, and think Putin is a good guy. DJT kicked out any moderates. But deblasio, AOC, and cuomo are downright communists. Bloomberg was so much better.
Maybe craziness is needed in a democracy to wake people up so they let the crazies take over.
A google search finds that in 2017- 2018 fiscal year NY State made the record of the highest tax and fees collections in its history. Look at the graph.
If the annual revenues drop by 2B-3B, it’ll still be one of the highest collections ever.
Why all the gloom and doom?
Yea, because nothing else that the budget has to pay for went up in price, so what you are saying makes a lot of sense.
Were you AOC's math teacher?
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