Cuomo announces income tax revenues have dropped by $2.3B

[HellRell804]

https://www.google.com/amp/s/nypost...income-tax-revenues-have-dropped-by-2-3b/amp/

Some highlights:

"Gov. Andrew Cuomo announced Monday that state income tax revenues plummeted by $2.3 billion since he introduced his new budget plan last month — a bombshell that will force him to curb spending."

“That’s a $2.3 billion drop in revenues. That’s as serious as a heart attack. This is worse than we had anticipated,” the governor said in Albany."


"The loss of revenue from New York’s wealthiest puts New York in a bind because the state relies on a progressive income tax system that taxes the rich at a higher rate."

"One percent of the state’s top income earners provide 46 percent of the state’s personal income tax revenues, officials said.

Cuomo said Albany can’t go to the well and tax the wealthy again because that would only worsen the situation, citing “anecdotal” evidence that high-income New Yorkers are already fleeing the state to lower-tax jurisdictions."

Democratic socialism gang, make this make sense to me. How do we make the rich submit to these tax increases so they can fund our Hopes and dreams.

"Get the strap"
-Karl Marx

 

[EBK String]

There isnt a solution besides putting them on a guillotine like the French did

 

[HellRell804]

There isnt a solution besides putting them on a guillotine like the French did

But, but, socialism isnt a violent philosophy, all those other countries were doing it wrong which lead to mass executions

 

[Neuromancer]

https://www.google.com/amp/s/nypost...income-tax-revenues-have-dropped-by-2-3b/amp/

Some highlights:

"Gov. Andrew Cuomo announced Monday that state income tax revenues plummeted by $2.3 billion since he introduced his new budget plan last month — a bombshell that will force him to curb spending."

“That’s a $2.3 billion drop in revenues. That’s as serious as a heart attack. This is worse than we had anticipated,” the governor said in Albany."


"The loss of revenue from New York’s wealthiest puts New York in a bind because the state relies on a progressive income tax system that taxes the rich at a higher rate."

"One percent of the state’s top income earners provide 46 percent of the state’s personal income tax revenues, officials said.

Cuomo said Albany can’t go to the well and tax the wealthy again because that would only worsen the situation, citing “anecdotal” evidence that high-income New Yorkers are already fleeing the state to lower-tax jurisdictions."

Democratic socialism gang, make this make sense to me. How do we make the rich submit to these tax increases so they can fund our Hopes and dreams.

"Get the strap"
-Karl Marx

Was Marx in favor of dragging the rich out their homes?

 

[HellRell804]

Was Marx in favor of dragging the rich out their homes?

I'm not as familiar with the sacred texts as some of the brehs on here but I don't think its explicitly called for, but when you use a little bit of common sense and critical thinking it's the only solution.

But that causes another problem, when u criminalize success and start executing so many of your most resourceful and intelligent citizens, its bound to have an impact on the production of your country.

 

[Neuromancer]

I'm not as familiar with the sacred texts as some of the brehs on here but I don't think its explicitly called for, but when you use a little bit of common sense and critical thinking it's the only solution.

But that causes another problem, when u criminalize success and start executing so many of your most resourceful and intelligent citizens, its bound to have an impact on the production of your country.

That's assuming these folks didn't inherit their money.

 

[HellRell804]

That's assuming these folks didn't inherit their money.

What does it matter if they did? If I take the risks and sacrifices to make a better life for my family, I shouldn't be able to pass that down because it hurts the feelings of those who gave no thought to the future?

 

[ColdSlither]

The problem is that we let the rich get away with controlling the narrative for too damn long. That's the root of the issue. We let them control the narrative that them being taxed is a punishment. When the reality is that the taxes on them is an investment in the nation. Like I said in another post, the money from their taxes can be used to fund long term infrastructure projects. Projects that can put people to work for the long term, because things need to be built, replaced and maintained. The taxes goes towards education so that we can have a smart workforce. Health care so that we have a healthy workforce. This workforce will then turn around and buy stuff, putting money in the community, and also money back into the pockets of the wealthy.

 

[newworldafro]

The irony is state, along with city, gave Amazon a $3 billion tax cut Amazon HQ2: $3B in state, city tax breaks draws company to New York

 

[I Really Mean It]

I'm not as familiar with the sacred texts as some of the brehs on here but I don't think its explicitly called for, but when you use a little bit of common sense and critical thinking it's the only solution.

But that causes another problem, when u criminalize success and start executing so many of your most resourceful and intelligent citizens, its bound to have an impact on the production of your country.

When did you turn into a full blown retard? What you call "success" is what many others, people clearly more informed than you, describe as government sanctioned larceny of the lower and middle class by the 1%. And to assume that the most resourceful and intelligent are among the wealthiest class is the height of stupidity. Society couldn't function if its best thinkers were concentrated among such a small number.

 

[Rusty$hackleford]

https://nypost.com/2019/02/04/cuomo-announces-income-tax-revenues-have-dropped-by-2-3b/


Gov. Andrew Cuomo announced Monday that state income tax revenues plummeted by $2.3 billion since he introduced his new budget plan last month — a bombshell that will force him to curb spending.

Cuomo attributed the revenue drop in December and January largely to the new federal tax code, as well as volatility in the stock market and other uncertainties.

“That’s a $2.3 billion drop in revenues. That’s as serious as a heart attack. This is worse than we had anticipated,” the governor said in Albany.

“This reduction must be addressed in this year’s budget.”

In a rare joint appearance with Cuomo, state Comptroller Tom DiNapoli confirmed the deteriorating finances.

“This is the most serious revenue shock the state has faced in many years,” he said.

He urged Cuomo and the Legislature to sock more money away in the state’s rainy day fund to prepare for the worst.

Cuomo had planned to spend $176 billion — including about $100 billion in federal funds — in the new fiscal year that starts on April 1.

Cuomo’s preliminary analysis claims much of the impact is coming from a drop in revenues from the state’s highest income earners most impacted by the loss of write-offs of state and local tax deductions, known as SALT.


Andrew CuomoAP
The federal law approved by President Trump and the then-GOP controlled Congress limited SALT deductions to $10,000.

The loss of revenue from New York’s wealthiest puts New York in a bind because the state relies on a progressive income tax system that taxes the rich at a higher rate.

One percent of the state’s top income earners provide 46 percent of the state’s personal income tax revenues, officials said.

Cuomo said Albany can’t go to the well and tax the wealthy again because that would only worsen the situation, citing “anecdotal” evidence that high-income New Yorkers are already fleeing the state to lower-tax jurisdictions.

He offered no figures to back up the claim.

“I don’t believe raising taxes on the rich. That would be the worst thing to do. You would just expand the shortfall,” he said. “God forbid if the rich leave.”

Aside from spending, Cuomo’s slide presentation also mentioned the state is phasing in tax cuts for middle-income New Yorkers — raising questions whether the state would have to postpone the reductions.

 

[Neuromancer]

What does it matter if they did? If I take the risks and sacrifices to make a better life for my family, I shouldn't be able to pass that down because it hurts the feelings of those who gave no thought to the future?

Nah I mean you're stating that killing off intellectually gifted or innovative as though the wealthy are always that.

 

[HellRell804]

The problem is that we let the rich get away with controlling the narrative for too damn long. That's the root of the issue. We let them control the narrative that them being taxed is a punishment. When the reality is that the taxes on them is an investment in the nation. Like I said in another post, the money from their taxes can be used to fund long term infrastructure projects. Projects that can put people to work for the long term, because things need to be built, replaced and maintained. The taxes goes towards education so that we can have a smart workforce. Health care so that we have a healthy workforce. This workforce will then turn around and buy stuff, putting money in the community, and also money back into the pockets of the wealthy.

"One percent of the state’s top income earners provide 46 percent of the state’s personal income tax revenues, officials said."

If they leave then what? shyt rolls downhill. So the middle class gets taxed to hell only they cant afford to leave the country.

Yea they can do a lot of good with their money but then that kind of betrays how you get rich in the first place. There's a reason Jay-Z is almost a billionaire while MC Hammer blew through 30 million trying to "help"

 

[HellRell804]

Nah I mean you're stating that killing off intellectually gifted or innovative as though the wealthy are always that.

They tend to be overrepresented in those ranks. The ones who arent will just blow through their inheritance.

 

[HellRell804]

When did you turn into a full blown retard? What you call "success" is what many others, people clearly more informed than you, describe as government sanctioned larceny of the lower and middle class by the 1%. And to assume that the most resourceful and intelligent are among the wealthiest class is the height of stupidity. Society couldn't function if its best thinkers were concentrated among such a small number.

I didn't say all, but they are overrepresented in those ranks. Where would we be as a country without Windows PCs making computers easy to use and accessible to the masses in the 80s?

If you start killing off people wholesale because they had the audacity to get bbn paid for their talents, you increase the chances dramatically that you will kill the spark that leads to the next big technological breakthrough that moves mankind forward.

It only takes 1 person...

Oh and thanks for being civil and discussing your point without resorting to name calling

 

[The Radiant One]

Thats because of the SALT tax deductions they didn't have people move that 2.3 billion went to red states because of Trumps new tax law.

Damn reading the article is fundamental also you should post the entire article not highlight some lines and make misleading points.