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Not sure how you can bash Trump for this... other than TDS..
The SALT taxes give a tax break to the lower classes, but not the rich. That's exactly what liberals want. Or is it... ??
The limit on SALT deductions was lowered than where it was before. It's hurting the middle class. The rich are so well above these SALT deductions, it has little to no effect on them.
The limit on SALT deductions was lowered than where it was before. It's hurting the middle class. The rich are so well above these SALT deductions, it has little to no effect on them.
I think he is worried about the GOP blowing holes in his states budget in a pretty clear partisan manner. This was designed around the idea it hurt more successful blue states. And it did it in ways that hurt those states budgets.
Quote:
Originally Posted by phma
This supposedly happened today but haven't heard how it went for Gov. Wimpy Cuomo.
The first thing Trump will have to do is take the Governor's thumb out of his mouth and encourage him to stop crying.
But it probably wont work because he will hear childish nonsense like this from Trump.
On Monday, he told his state's citizens that income tax revenues were coming in $2.3 billion below the expectations of just a month ago. "That's as serious as a heart attack," he said.
...
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.
...
In short, high taxes drive people away; low taxes attract them. It's simple economics, yet so many Blue States don't get it.
Cuomo, to his credit, does get it. Many high-income taxpayers are leaving New York for low-tax states, tired of paying the state's bills and then being demonized leftist activists for being "rich" and told they must give more. He knows that sending the wrong signals could lead to a mass exodus of higher-income residents from his state, one that would leave a massive hole in the budget.
Interesting... volatility in the stock market... that's something else liberals want in order to dethrone Trump.
Why don't they just lower state taxes, and/or reduce their spending instead of crying to Trump? They have total control over that. That would help the middle class.
Why don't they just lower state taxes, and/or reduce their spending instead of crying to Trump? They have total control over that. That would help the middle class.
Well, for one...don't they deserve to get back close to what they pay in?
"New York State received 84 cents for every dollar it sent in taxes to the federal government "
It would seem the federal government DOES have some effect on that.
Why don't they just lower state taxes, and/or reduce their spending instead of crying to Trump? They have total control over that. That would help the middle class.
Yes, I was misinformed. It seems prior to 2018 there was no SALT deduction limit, and now there is at $10,000. So this would impact middle class and wealthy tax filers alike.
As to your suggestion to just lower taxes, well you need to raise revenue. How are you going to do that without taxes?
Yes, I was misinformed. It seems prior to 2018 there was no SALT deduction limit, and now there is at $10,000. So this would impact middle class and wealthy tax filers alike.
As to your suggestion to just lower taxes, well you need to raise revenue. How are you going to do that without taxes?
Without taxes? They still have plenty of taxes.
Basically you are asking me to subsidize their high taxes with this deduction. Maybe we should eliminate the deduction altogether. To me - fed taxes should be totally independent of state taxes. If NY wants to tax the heck out of their people... what does it have to do with me?
Raising tax revenue is about increasing the velocity of the money, since taxes are collected when money changes hands. There is a sweet spot where people spend their money to the point tax revenue is maximized. It's not going to happen when taxes are too high.
Quote:
Originally Posted by craigiri
Well, for one...don't they deserve to get back close to what they pay in?
"New York State received 84 cents for every dollar it sent in taxes to the federal government "
It would seem the federal government DOES have some effect on that.
Maybe that's because the country is subsidizing their taxes with the state tax deduction.
I would be OK with NY paying their own taxes without any deductions, and then they could receive in full what they have paid into the fed.
You may not believe it but this thread is about Cuomo and Trump.
That's the only history that is really going to be important on Cuomo getting anything he wants. It don't look good for the Gov. with his recent comments about Trump and his support for infanticide. Cuomo needs to suck it up. He wanted redistribution of wealth and he got it.
That ^, exactly!
Be careful of what you wish for...
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