Good day all. Last week, the ultra-moonbats in New York wrecked the project to bring Amazon into the state along with thousands of well paying jobs. New York desperately needed those jobs for all the taxes they would have been able to collect.
These shortfalls are due to several reasons. The new tax law strips the deductions for the rich had for their property and income taxes. These deductions allowed New York, as well as other high tax, Democrat controlled states to loot their taxpayers. Now that those deductions are gone, the “Rich are also leaving and taking their money with them. This has caused Governor Andrew Cuomo to blame his fiscal incompetence on President Trump and the new tax law. Here are the details from Fox News:
New York State is facing a $2.3 billion budget deficit, and Gov. Andrew Cuomo believes it’s largely due to the Trump administration’s tax reforms which, on the “flip side,” have taxed the rich and may be encouraging wealthy residents to leave.
Excuse me? I thought it was the mantra of the Progressive Liberal Democrats to tax the rich into oblivion. Is Cuomo saying that the Rich need to have tax breaks?
President Trump’s Tax Cuts and Jobs Act, which takes effect for the 2018 tax year, places a cap on the state and local tax deduction (known as SALT) that Americans can take. Residents of largely blue states with relatively high state and local taxes are adversely affected, Cuomo says, by the new cap of a $10,000 deduction. New York state’s average SALT deduction was around $22,000 before the law changed.
“We’ve set up reserves, but this is worse than we had anticipated,” Cuomo said at a state Capitol news conference in Albany on Monday after referring to the fiscal situation as being “as serious as a heart attack.”
So, Cuomo and the Kleptocrats have been hiding behind the federal deductions to loot the rich. For all intents and purposes, they’ve been using the taxpayers in other states to protect them from their own fiscal mismanagement. Well guess what? The rich have decided enough is enough and have moved out.
The extreme dip in collections has made Cuomo’s $175 billion state budget proposal, which he offered just last week, “unsupportable,” he said. He added that he plans to make adjustments in the coming weeks.
This is what happens when you spend like a drunken sailor and the money runs out. You have been busy buying votes from the unions and other groups with their snouts in the trough state treasury. Now the bills are coming due and you have to make cutbacks. Sucks to be you.
Trump’s 2017 act was not the sole cause of New York’s budget fiasco, Cuomo said. He added that the stock market drop in December may have had an impact, and also struck a blow to the bonuses given to Wall Street traders, which adds a considerable amount to the state’s annual tax collections. Cuomo warned against imposing increased taxes on the wealthy in New York as a solution, which is already home to the nation’s second-highest taxes on millionaires, according to North Country Public Radio.
“This is the flip side,” Cuomo said. “Tax the rich, tax the rich, tax the rich. The rich leave, and now what do you do?”
Every single socialist state has found out that when you take to much from the producers, they say “Fuck this!” and leave. I have no doubt that if you could prevent the rich from leaving, you would. I’ve heard that Rush Limbaugh, who left New York years ago and took all his money with him, still gets audited by the State. Even though he has pulled completely out, they refuse to accept that fact and are continuously looking for some way to rob him of his earnings.
I suspect the same is true of other wealthy people who have had enough and moved out of New York. The same thing is happening in Connecticut and Kalifornistan, but on an even greater scale. Those states are also losing businesses. Even Hollyweird does most of it’s productions outside of Kalifornistan due to the extreme levels of taxation and regulation. Sadly, rather then try and correct their fiscal problems, (Out of control spending), they would rather blame others. We’re going to start seeing states trying to declare bankruptcy in the next few years, even though they legally can’t. It’s going to take real pain before either the voters or the rulers figure out the problem, bite the bullet and make the structural changes that must be done. Personally, I don’t see them doing it. They are riding the tiger and can’t get off, otherwise, the tiger will eat them.
Thatisall
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