The Rich Start Leaving New York – Cuomo Has To Revise Proposed Budget
All us sensible people have been saying it all along. When you start upping taxes and trying to implement socialist policies to take all of the wealthy people’s money, they’re going to get fed up and just leave.
They have lots of money…they can do that you know.
According to Newsday,
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.
“At this point there is no doubt that the budget we put forward is not supported by the revenues,” Cuomo said at a State Capitol news conference. “It’s as serious as a heart attack.”
Cuomo said he’s not certain what areas might need to be cut, but said the biggest spending areas now are education, health care, infrastructure and another phase-in of a previously approved middle-class tax cut.
The hole in revenues in December, which some analysts have called a December surprise, and continued poor performance in January have created a $2.3 billion drop in anticipated revenues, according to the Cuomo administration. Add that to the $500 million drop in revenues for December that the Cuomo administration had previously projected and the revenue hole is $2.8 billion, according to Cuomo Budget Director Robert Mujica.
And that’s not the worst part.
This past week, Amazon announced that it may cancel its New York HQ2 plans due to the taxes it’s wanting to impose upon the corporate giant.
Amazon would be bringing 25,000 jobs with an average salary of $150,000 to New York which would add quite a bit of tax revenue to help make up for the $2.8 Billion lost so far from the rich leaving the state.
But Cuomo is blaming everything on governmental malpractice from state and city officials.
Cuomo stated at a news conference shortly after the announcement by Amazon:
“For the state Senate to oppose Amazon was governmental malpractice. And if they stop Amazon from coming to New York, they’re going to have the people of New York state to explain it to. It is irresponsible to allow political opposition to overcome sound government policy.”
The governor has no one to blame but himself. It’s his state, isn’t it? Isn’t he supposed to be the one in charge? Again, this is where stupid policies will land you.
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