Cuomo announces income tax revenues have dropped by $2.3B

[ColdSlither]

"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"

So what't the alternative then? Capitulate and not tax them enough so that they can stay in the state, and tax the middle class into oblivion? Or raise the tax, they leave, and then tax the middle class into oblivion? What it comes down to is that they want to contribute the bare minimum to society and be left alone.

 

[HellRell804]

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.

Nah the point still stands, an outrageous budget was proposed with the assumption that the tax revenue would be the same. A small tax cut then decimated that budget. They cant even raise taxes to cover that loss because rich people are already fleeing.

So my question stands, how do you force people who can afford to pick up and move whenever they feel like it, to pay for things you've already promised other people with their money?

 

[I Really Mean It]

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

You keep implying that these billionaires amassed their wealth off of their talent and not the cooperation of a federal government that has made their taxable contribution to our society almost nil. What are you talking about?

 

[HellRell804]

So what't the alternative then? Capitulate and not tax them enough so that they can stay in the state, and tax the middle class into oblivion? Or raise the tax, they leave, and then tax the middle class into oblivion? What it comes down to is that they want to contribute the bare minimum to society and be left alone.

Well if you're asking me, my solution is to limit the power and scope of government. In the system we have now, the more unscrupulous class of billionaires can basically purchase Congress and the president and use them as a gatekeeper to keep competition out and their profits sky high. Scale back the ability of government to do that and suddenly you have a group of people more worried about competition and keeping their companies afloat instead of game planning to hoard as much money and resources as possible.

But that's just me

 

[the cac mamba]

these cocksuckers really need to cut spending
stop promising public employees pensions that the state cannot afford to honor pay them more up front, and cut pensions on the back end. and you dont have to fukk people over that already signed on the dotted line, just say "thats the deal" for new employees going forward

https://nypost.com/2018/02/25/new-yorks-ticking-pension-bomb/

this shyt is not sustainable

 

[Creflo ½ Dollar]

The nerve of rich people. Why do they need that much money. Since everybody bends to their will they can do what they want. Honestly they thinks it’s a travesty when they profit get cut into. They act like they don’t use none of the states and Americas resources to get rich.

Honestly idk what the solution going to be.

 

[HellRell804]

You keep implying that these billionaires amassed their wealth off of their talent and not the cooperation of a federal government that has made their taxable contribution to our society almost nil. What are you talking about?

So Jeff Bezos inherited Amazon? I dont remember that. And Amazon completely revolutionized retail.

Garrett Camp and uber?

You're trying to shift this to the old money, the top 1% of 1%, to increase vitriol and maintain support for the guillotine system of wealth redistribution.

Yea they have an easy ride but I still dont believe forcefully taking their wealth is the way to go. How about we limit the scope of government so that scumbag politicians cant advocate for illegal immigration to secure an underpaid workforce. How about we take an honest look at patent laws that have been abused for decades. How about we roll back regulations that will allow clean energy to be implemented immediately instead of scumbag politicians trying to funnel that money to Elon Musk and his electric cars.

The truth is, the 1% is full of small business owners and creators and innovators that make life better for everyone.

 

[Actually6Foot3]

Y'all coming in here defending billionaires for giving taxes based on the dollar amount. Many of their effective tax rates are in the teens. Their secretaries pay higher percentages of their income than their billionaire bosses do.

When Mitt Romney released his taxes his effective rate was a whopping 14% on a 14 million in earnings that year.

 

[Deuterion]

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

Exactly.

 

[ColdSlither]

Well if you're asking me, my solution is to limit the power and scope of government. In the system we have now, the more unscrupulous class of billionaires can basically purchase Congress and the president and use them as a gatekeeper to keep competition out and their profits sky high. Scale back the ability of government to do that and suddenly you have a group of people more worried about competition and keeping their companies afloat instead of game planning to hoard as much money and resources as possible.

But that's just me

That still leaves what to do about taxes though. Limiting the power and scope of government isn't enough. Investment in the nation is still needed. Because their profits are sky high right now, but they do not want to invest.

 

[Ya' Cousin Cleon]

I'd say it's embarrassing but people who defend the ultra wealthy lack imagination and they're staunch believers in meritocracy, so you just let it be.

Y'all coming in here defending billionaires for giving taxes based on the dollar amount. Many of their effective tax rates are in the teens. Their secretaries pay higher percentages of their income than their billionaire bosses do.

When Mitt Romney released his taxes his effective rate was a whopping 14% on a 14 million in earnings that year.

 

[mannyrs13]

Seems like most of them are moving to Florida and other no tax states per an article I saw. This trend will continue cuz the rich are smart with their money and they ain't trying to lose more than they need to. They'll just move to another state or have their money in another country to avoid paying taxes. Plus with high tax states like NY, NJ and CT being cold weather states, won't be surprising to see many more baby boomers retire down to warm weather no tax states like FL, TX, and AZ. I see this trend continuing for the near future at least.

 

[HellRell804]

Y'all coming in here defending billionaires for giving taxes based on the dollar amount. Many of their effective tax rates are in the teens. Their secretaries pay higher percentages of their income than their billionaire bosses do.

When Mitt Romney released his taxes his effective rate was a whopping 14% on a 14 million in earnings that year.

I'd say it's embarrassing but people who defend the ultra wealthy lack imagination and they're staunch believers in meritocracy, so you just let it be.

Ain't nobody defending them. I'm asking how are you going to make people submit to a tax when they can afford to move and avoid it? Stop with the dogma and slogans and answer that question.

 

[Actually6Foot3]

Ain't nobody defending them. I'm asking how are you going to make people submit to a tax when they can afford to move and avoid it? Stop with the dogma and slogans and answer that question.

Where are they going to go ?

NYC is NYC. No where else like it that they aren't going to run into the same shyt. NY can charge high taxes because we have what people want.
They can move themselves and their business to bubble fukk Idaho all they want but will they attract top level employees to their business all the way out there? Do they themselves want to live there? DOUBTFUL!

The ONLY reason Cuomo is not trying to tax them more is because they donate heavily to his campaigns with the goal of keeping said taxes as low as possible. They're not moving out of NYC to save any money. They just know they can spin this narrative to avoid the truth.

 

[HellRell804]

Where are they going to go ?

NYC is NYC. No where else like it that they aren't going to run into the same shyt. NY can charge high taxes because we have what people want.
They can move themselves and their business to bubble fukk Idaho all they want but will they attract top level employees to their business all the way out there? Do they themselves want to live there? DOUBTFUL!

The ONLY reason Cuomo is not trying to tax them more is because they donate heavily to his campaigns with the goal of keeping said taxes as low as possible. They're not moving out of NYC to save any money. They just know they can spin this narrative to avoid the truth.

Breh the elites stay 3 steps ahead of you. They've been advocating for a global economy for years. We're at the point now it doesn't matter where you live, you can pump off whatever you need in the us and outsource the labor. I know native new Yorkers love new york to the point of irrationality but I dont think that love will outweigh moving to a tax shelter and saving millions.

Only way out is to make them compete.