Good day all. Thanks to the incompetence and mismanagement by the Democrats running the “Blue” states, many of them have basically bankrupted themselves. Add to that the idiotic shutdowns ordered by the Blue State tyrants…Governors, their state budgets are a disaster.
This brings us to the State of Decay known as New York. The Democrats, or as I now refer to them as, the Democratic CommuNazis, have so badly mismanaged the states finances, not to mention turning the states into tax and regulatory nightmares, that all the high end taxpayers and businesses are fleeing. This has led to a massive shortfall in revenues. Now three term meathead governor, Andrew “Flaming” Cuomo, is demanding a federal bailout of his state, and if he doesn’t get it, he will massively increase taxes on the businesses and people who haven’t left yet. Here are the details from Fox Business News:
New York Gov. Andrew Cuomo indicated this week that income tax increases in the state were inevitable if the government did not dole out more coronavirus-related aid.
“If we don’t get funding from Washington, there will be an income tax increase,” Cuomo said during a radio interview. “The [budget] hole is so big that if we don’t get federal funding, you will have to increase taxes on the higher end, you’ll also have to cut services, you’ll also have to borrow and you’ll probably have to lay off. That’s the scale of this deficit.”
Cuomo went on to say that income tax increases are more of a political issue than a financial fix, noting that it’s very “popular” to say “tax the millionaires.”
“If we go to the highest income tax bracket in the United States of America, OK, higher than California, which is now the highest – we’re the second highest – higher than California, maybe you make $1.5 billion, maybe you make $2 billion – you’re talking about a hole of $30 billion.”
And how did you get into that hole in the first place? It was massive, out of control spending and regulating businesses to the point that they either went out of business or moved out of the state. I recently wrote about the NASDAQ and other exchanges looking at moving out of the Northeast, (Primarily New York and New Jersey), and heading for Texas. The polices and decisions of Flaming Cuomo are a major reason why. They can save billions, even with the costs of moving if they leave New York.
Cuomo has been publicly hesitant to raise tax rates on New York’s wealthiest residents while New York Mayor Bill de Blasio has indicated he is more inclined to do so.
De Blithering Idiot de Blasio, arguably the worst mayor in the United States, loves taking money from “The Rich.” The problem is, the actual rich are pulling up stakes and moving out of New York, both the city and the state, and they are taking their money with them. When Rush Limbaugh bailed on New York about 10+ years ago, he also took with him his financial empire, which was, at that time, somewhere in the neighborhood of $600 million dollars. (A really nice neighborhood too!)
Although I generally don’t have the time to listen to Limbaugh’s show any longer, I recall that New York was constantly auditing him even though he no longer lived there and had little to no business in the state. Limbaugh isn’t alone with that. New York is so desperate for money, that they regularly threaten and accuse former residents of tax evasion.
The three-term Democratic governor acknowledged that many of the state’s wealthiest residents had left because of the outbreak over the spring and summer months – noting that they had enough mobility to choose not to return.
It’s not just the state’s wealthiest who are pulling out. More and more middle class people have had enough and are pulling up stakes as well. Since New York and Flaming Cuomo have basically run out of other people’s money, they are demanding that the taxpayers of far better managed states pick up the tab for his incompetence, mismanagement and stupidity.
Cuomo, however, has been pressing the federal government to dole out more aid to the states – a request that has so far gone unfulfilled as lawmakers have been unable to find common ground on a stimulus package. Spending on state and local governments has been one of the points of contention between Republicans and Democrats.
One of the things the Trump Tax cuts did was hit the super rich right in the wallets. The tax law ended deduction on home mortgage interest payments about $10K as well as the deduction on state income taxes. For years, New York and the other High Tax Blue States, have been using those deductions to protect their rich benefactors and loot the states that manage their finances for more competently.
The Democrats, led by San Fran Nan and Upchuck Schumer have been trying to repeal the tax cuts, especially the section that hits their donors in the wallet. In response, these very same people have been moving to states that don’t see them as mobile piggy banks looking to be looted. New York, Kalifornistan, and all the other Blue States are now reaping what they have been sewing for a generation. If they expect people like me to pick up the tab for their incompetence, think again.
Thatisall
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