Wait a minute...if you try to tax rich people too much, they leave?
What is this sorcery?!?
"New York state’s income tax take is dropping rapidly, but its leaders don’t seem interested in truly facing the implications.
Projected income tax revenues for the year just dropped $2.3 billion, Gov. Andrew Cuomo and Comptroller Tom DiNapoli announced Monday — and that’s after falling $500 million in December.
Cuomo partly gets what’s going on: “‘Tax the rich! Tax the rich! Tax the rich!’ We did. Now, God forbid, the rich leave,” he said. He noted that the top 1 percent of New York earners provide 46 percent of the state’s personal income tax revenues, and cited anecdotal evidence that wealthy locals are heading for lower-tax states.
The gov blames President Trump and the new tax law’s $10,000 cap on state and local tax deduction. But the exodus started long before the SALT cap: For years, the Empire Center’s E.J. McMahon has cited census data showing New Yorkers fleeing to Florida, Arizona and other low-tax states."
https://nypost.com/2019/02/04/new-york-has-a-giant-tax-problem-its-leaders-dont-want-to-face/
What is this sorcery?!?
"New York state’s income tax take is dropping rapidly, but its leaders don’t seem interested in truly facing the implications.
Projected income tax revenues for the year just dropped $2.3 billion, Gov. Andrew Cuomo and Comptroller Tom DiNapoli announced Monday — and that’s after falling $500 million in December.
Cuomo partly gets what’s going on: “‘Tax the rich! Tax the rich! Tax the rich!’ We did. Now, God forbid, the rich leave,” he said. He noted that the top 1 percent of New York earners provide 46 percent of the state’s personal income tax revenues, and cited anecdotal evidence that wealthy locals are heading for lower-tax states.
The gov blames President Trump and the new tax law’s $10,000 cap on state and local tax deduction. But the exodus started long before the SALT cap: For years, the Empire Center’s E.J. McMahon has cited census data showing New Yorkers fleeing to Florida, Arizona and other low-tax states."
https://nypost.com/2019/02/04/new-york-has-a-giant-tax-problem-its-leaders-dont-want-to-face/