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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.
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.
Have never understood why NYS just doesn't revise their constitution to refine the budget process with one aim to move back due date until *after* tax season. This way instead of relying upon projected revenue Albany will know exactly how much is in the kitty.
Still this does not change NYS for ages likes to live above its head as liberal/democrat tax and spend governments are wont to do.
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.
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.
It's NYS high tax rate, not Trump. Lower the spending and lower the taxes Andrew
Exactly!
New York has been a high tax, fee, surcharge and one thousand ways from Sunday picking people's pockets. A good amount of this was papered over via federal tax code (deductions, credits, etc...). Now that the GOP/DT has uncovered the nakedness of most northeast/Blue states they have problems.
Since the 1970's or maybe 1980's if not before those businesses and individuals who can leave have done so, and more are following. That leaves those wholly and or partially dependent upon the largesse doled out by NYS and its local governments. In short those who do not or cannot pay taxes are largely dependent upon those who do; and the latter is fed up with status quo.
Sad thing is the former (the "poor" or whatever) are largely a protected class in New York. Between them and the unions this state is spending itself into the poor house. Only bright spot is New York City/downstate. It is a sad fact that this state relies heavily upon the economic activity of downstate; in particular New York City. If the economic boom times in that area reverse or even shudder the effects will be quickly felt in Albany. In short if NYC sneezes, NYS will catch a cold.
If the shortfall is from the estimated income tax payments, maybe they should consider who makes those estimated income tax payments? Hey emperor Cuomo, it's us overburdened NY small business owners!
Lower the minimum wage, create insurance reform and fix the over priced workman's comp insurance, pass single payer health care.
A huge number of us have already gone out of business and moved out of the state, those of us who have not have reduced services, eliminated entry level positions as well as raised our prices.
all add up to decreased annual revenues, and less income tax. Oh this also means less sales tax collected, way to go Cuomo!
Cuomo said that he and his administration are blameless. He said the continued exodus of residents from the state and a temporary millionaire’s tax created in 2009 to contend with the Great Recession (but which he’s extended since then) are not contributing factors.
“We did everything right from a tax point of view,” Cuomo said.
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2.5 bilion shortfall
