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Cuomo threatens New Yorkers with tax hikes over COVID-19 shortfalls

  
Via:  Nerm_L  •  4 years ago  •  69 comments

By:   Carl Campanile (New York Post)

Cuomo threatens New Yorkers with tax hikes over COVID-19 shortfalls
NYC already holds the distinction of being No. 1 in the nation for the highest combined burden of state and local income taxes.

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Who would have guessed a total lockdown would result in a total meltdown? 

It is rather amazing the acrobatics that Gov. Andrew Cuomo employs to avoid taxing the rich.  Naturally Cuomo will blame Trump, Republicans, and Washington for failing to bail out New York.  What's wrong with the magic money tree in NYC?


S E E D E D   C O N T E N T



Gov. Andrew Cuomo threatened Thursday to increase the burden on New York's already heavily taxed residents if federal lawmakers don't provide funding to offset losses due to the coronavirus crisis.

"This will be a hole in the financial plan so large that it will be impossible to fill," the governor said during a conference call with reporters.

"What would we do to try to fill it? Taxes, cuts, borrowing, early retirements [of government workers]. All of the above."

New York City already holds the dubious distinction of being No. 1 in the nation for the highest combined burden of state and local income taxes, with a total rate of 12.7%, according to the Tax Foundation think tank.

That works out to an average annual bite of $2,877, according to the Tax Foundation.

And last month, the American Legislative Exchange Council ranked the Empire State's economic outlook the worst in the country — for the seventh year in a row — in part due to its hefty taxes.

Cuomo's threat of higher taxes represents a reversal of his previous warning that they would put New York at a competitive disadvantage with other states and lead to an exodus of high-income New Yorkers.

With the state already five months into its fiscal year, Cuomo has so far resisted liberal demands to raise taxes on the rich, amid hopes that President Trump and Congress will agree on a bailout package for state and local governments — or that fellow Democrat Joe Biden will beat Trump in November and ride to the rescue.

Albany lawmakers didn't make any deep cuts when they enacted the state budget on April 1, amid the pandemic, but Cuomo has since withheld funding to local governments and social service providers to help keep the state afloat.

The governor has projected a long-term deficit of $30 billion, due to the deadly impact of COVID-19.

The shortfall for the current fiscal year is about $8 billion, according to EJ McMahon of the Empire Center for Public Policy.


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Nerm_L
Professor Expert
1  seeder  Nerm_L    4 years ago

Notice how an $8 billion shortfall magically becomes a $30 billion deficit?  No wonder New York is the financial capitol of the United States.

What's wrong with the magic money tree in NYC?

 
 
 
Perrie Halpern R.A.
Professor Principal
2  Perrie Halpern R.A.    4 years ago
Notice how an $8 billion shortfall magically becomes a $30 billion deficit?  No wonder New York is the financial capitol of the United States.

Nerm, it was all there in your article how:

The shortfall for the current fiscal year is about $8 billion

That means now.

The governor has projected a long-term deficit of $30 billion

That means in the future if things hold the same way.

Cuomo has so far resisted liberal demands to raise taxes on the rich,

Which means he really doesn't want to do this.

amid hopes that President Trump and Congress will agree on a bailout package for state and local governments — or that fellow Democrat Joe Biden will beat Trump in November and ride to the rescue.

So he's waiting to find out the results before making any decisions. 

Do you live in NY? I do. Do you want to know what drove rich NYers out of the state first? The cap on our property taxes, imposed on us by Trump, who then took his butt out of here and moved his primary residence to FLA. How convenient. 

I hope he likes living in FLA, cause I doubt he can ever come back to his beloved Trump Towers.

 
 
 
Nerm_L
Professor Expert
2.2  seeder  Nerm_L  replied to  Perrie Halpern R.A. @2    4 years ago
That means in the future if things hold the same way.

Gov. Cuomo doesn't have a sterling record with forecasts.  Cuomo is attempting to turn a shortfall into a windfall using scare tactics.  That's the same approach Cuomo used for responding to the pandemic.  Reality fell far short of Cuomo's forecasts.

Do you live in NY? I do. Do you want to know what drove rich NYers out of the state first? The cap on our property taxes, imposed on us by Trump, who then took his butt out of here and moved his primary residence to FLA. How convenient. 

No, I live in Minnesota which I've stated many times before.  Why should Minnesota bail out New York?  Minnesota has to compete with New York for Federal dollars plucked from the magic money tree.  Andrew Cuomo only wants to get his bail out before the crisis has passed elsewhere in the country.

Welcome to the Midwest.  What Andrew Cuomo complains about is business as usual in the Midwest.  New York has a budget problem?  Raise taxes, cut programs, and sell bonds just like Midwestern states have to do.  Midwestern states haven't had the luxury of spending their way to prosperity.

 
 
 
Kavika
Professor Principal
2.2.1  Kavika   replied to  Nerm_L @2.2    4 years ago

Why should my state bailout Minnesota? You have the 7th highest tax burden in the country, Nerm.

Minnesota's total tax burden was $5,171, or more than $1,100 above the national average and the seventh highest in the country, according to the analysis. And the state's property tax was ranked 17th highest; sales tax, 12th highest; and income tax, eighth highest.

 
 
 
Perrie Halpern R.A.
Professor Principal
2.2.3  Perrie Halpern R.A.  replied to  Kavika @2.2.1    4 years ago

Hey Kav, how do you feel about bailing out Minn? You live in Florida. Somehow, our friend here, doesn't think we do the same thing as his state does, but he deserves more out of the pot. Interesting.

 
 
 
Nerm_L
Professor Expert
2.2.5  seeder  Nerm_L  replied to  Kavika @2.2.1    4 years ago
Why should my state bailout Minnesota? You have the 7th highest tax burden in the country, Nerm. Minnesota's  total  tax burden  was $5,171, or more than $1,100 above the national average and the seventh  highest  in the country, according to the analysis. And the state's property  tax  was ranked 17th  highest ; sales  tax , 12th  highest ; and income  tax , eighth  highest .

Minnesota tried and was denied.

Minnesota has a higher median income, higher labor force participation, and less poverty than does New York.  As you point out, Minnesota also has lower taxes than New York.

Minnesota:Data USA

New York:Data USA

Minnesota is also a 'giver' state; receiving less Federal spending than taxes paid.  Minnesota is much less Federally dependent than New York.   But, then, so is Florida.

Minnesota also elected Jesse 'The Body' Ventura governor because of taxes and spending; we've already had our Trump-type revolt.  BTW, Ventura was a member of the Reform Party while Governor but is now affiliated with the Green Party.  Third parties are viable in Minnesota.

 
 
 
Kavika
Professor Principal
2.2.6  Kavika   replied to  Nerm_L @2.2.5    4 years ago

The stats were from 2018 the more current one, 2020 shows MN has moved up to fifth position. You could be number one in a couple of more years.

 
 
 
Nerm_L
Professor Expert
2.2.7  seeder  Nerm_L  replied to  Kavika @2.2.6    4 years ago
The stats were from 2018 the more current one, 2020 shows MN has moved up to fifth position. You could be number one in a couple of more years.

Maybe so.  Maybe not.  Minnesota doesn't follow national trends.  You don't think the cap on SALT deductions affected Minnesota?

Minnesota also has achieved higher educational performance and educational attainment than New York.  Maybe New York should consider becoming more like Minnesota rather than trying to bring Minnesota down to New York's level.

Welcome to the Midwest.  Naturally there will be some adjustment but the end result will be progress.  Minnesota is a progressive state and not a liberal state, after all.

 
 
 
Kavika
Professor Principal
2.2.8  Kavika   replied to  Nerm_L @2.2.7    4 years ago

Seems as though some vacation homeowners may be getting a substantial increase in property taxes. 

Some Minnesota cabin and vacation property owners will receive letters this month posing questions that could carry substantial tax ramifications, which could bump their land into a pricier commercial classification. Assessors in Cook County along the Lake Superior shore and Otter Tail County in northwestern Minnesota are among those that recently mailed out notices, Minnesota Public Radio News reported.

Keep up the good work and soon you'll be in the top three.

Don't tell Trump and the republicans that you're a progressive state. LOL

 
 
 
Texan1211
Professor Principal
4  Texan1211    4 years ago

So New Yorkers pay taxes like the rest of America.

They are not singled out for extra taxes in any way.

They are not discriminated against.

 
 
 
Perrie Halpern R.A.
Professor Principal
4.1  Perrie Halpern R.A.  replied to  Texan1211 @4    4 years ago

We pay more than our fair share. That is the issue. And yes we were discriminated against, since Trump decided to be petty and cap our taxes, while he bleeds us dry. 

 
 
 
Texan1211
Professor Principal
4.1.1  Texan1211  replied to  Perrie Halpern R.A. @4.1    4 years ago

Oh, for Pete's sake. NY pays the SAME federal taxes as other states. You weren't discriminated against. If you feel you pay too much of an overall tax burden.

The cap applies to ALL Americans, does it not? How is THAT singling out poor, poor New Yorkers?

Why are you complaining about paying the same damn taxes that the rest of us pay to the feds?

 
 
 
Perrie Halpern R.A.
Professor Principal
4.1.3  Perrie Halpern R.A.  replied to    4 years ago
I would say yes the funny part is the average NY tax payer isn’t footing the bill

You have to be kidding? On Long Island, our entire middle class is suffering from this cap. 

 
 
 
Perrie Halpern R.A.
Professor Principal
4.1.4  Perrie Halpern R.A.  replied to  Texan1211 @4.1.1    4 years ago

But you don't pay the same taxes. The states that have a lower GNP pay less. That is why there are giver and taker states. 

 
 
 
Sean Treacy
Professor Principal
4.1.5  Sean Treacy  replied to  Perrie Halpern R.A. @4.1.4    4 years ago

Individuals pay taxes, not states.

 
 
 
Perrie Halpern R.A.
Professor Principal
4.1.6  Perrie Halpern R.A.  replied to  Sean Treacy @4.1.5    4 years ago

Yes, and individuals are getting screwed by this tax law hoax. 

 
 
 
Texan1211
Professor Principal
4.1.7  Texan1211  replied to  Perrie Halpern R.A. @4.1.4    4 years ago

We DO pay the same rates as you, according to each taxpayer's individual status. Show me one thing in the federal tax code that singles New Yorkers out otherwise.

Complaining that you pay more because of how much you make is silly. We have been doing that for years. 

If your overall tax burden, state and federal combined, is too much, look at your state and local leaders.

The federal rates are the same for all states.

 
 
 
Perrie Halpern R.A.
Professor Principal
4.1.10  Perrie Halpern R.A.  replied to  Release The Kraken @4.1.8    4 years ago

I am not complaining about the rate, am I? I am complaining about the cap.

 
 
 
Perrie Halpern R.A.
Professor Principal
4.1.11  Perrie Halpern R.A.  replied to    4 years ago
Those people that live in no income tax states don't get the luxury of deducting

No instead you get the luxury of not paying them instead. You don't get both.

 
 

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