Forums
New posts
Search forums
What's new
New posts
New media
New media comments
Latest activity
Classifieds
Media
New media
New comments
Search media
Log in
Register
What's New?
Search
Search
Search titles only
By:
New posts
Search forums
Menu
Log in
Register
Navigation
Install the app
Install
More Options
Advertise with us
Contact Us
Close Menu
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Forums
The Water Cooler
General Discussion
Raising the income tax rate reduces tax collections? What?!?
Search titles only
By:
Reply to Thread
This site may earn a commission from merchant affiliate links, including eBay, Amazon, and others.
Message
<blockquote data-quote="SlugSlinger" data-source="post: 3202080" data-attributes="member: 7248"><p>Liberals will never learn or they just play dumb and manipulate the uneducated by using class warfare to continue to be elected. I seem to remember Cuomo raising the state income tax to offset the federal income tax reductions. Smart move NYC!</p><p></p><p></p><p><span style="font-size: 22px"><strong>Cuomo announces income tax revenues have dropped by $2.3B</strong></span></p><p>By <a href="https://nypost.com/author/carl-campanile/" target="_blank">Carl Campanile</a></p><p></p><p>Gov. Andrew Cuomo announced Monday that state income tax revenues plummeted by $2.3 billion since he introduced his <a href="https://nypost.com/2019/01/15/cuomo-unveils-178b-budget-in-state-of-the-state-address/" target="_blank">new budget plan last month</a> — a bombshell that will force him to curb spending.</p><p></p><p>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.</p><p></p><p>“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.</p><p></p><p>“This reduction must be addressed in this year’s budget.”</p><p></p><p>In a rare joint appearance with Cuomo, state Comptroller Tom DiNapoli confirmed the deteriorating finances.</p><p></p><p>“This is the most serious revenue shock the state has faced in many years,” he said.</p><p></p><p>He urged Cuomo and the Legislature to sock more money away in the state’s rainy day fund to prepare for the worst.</p><p></p><p>Cuomo had planned to spend $176 billion — including about $100 billion in federal funds — in the new fiscal year that starts on April 1.</p><p></p><p>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.</p><p></p><p>The federal law approved by President Trump and the then-GOP controlled Congress limited SALT deductions to $10,000.</p><p></p><p>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.</p><p></p><p>One percent of the state’s top income earners provide 46 percent of the state’s personal income tax revenues, officials said.</p><p></p><p>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.</p><p></p><p>He offered no figures to back up the claim.</p><p></p><p>“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.”</p><p></p><p>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.</p><p></p><p></p><p><a href="https://nypost.com/2019/02/04/cuomo-announces-income-tax-revenues-have-dropped-by-2-3b/" target="_blank">https://nypost.com/2019/02/04/cuomo-announces-income-tax-revenues-have-dropped-by-2-3b/</a></p></blockquote><p></p>
[QUOTE="SlugSlinger, post: 3202080, member: 7248"] Liberals will never learn or they just play dumb and manipulate the uneducated by using class warfare to continue to be elected. I seem to remember Cuomo raising the state income tax to offset the federal income tax reductions. Smart move NYC! [SIZE=6][B]Cuomo announces income tax revenues have dropped by $2.3B[/B][/SIZE] By [URL='https://nypost.com/author/carl-campanile/']Carl Campanile[/URL] Gov. Andrew Cuomo announced Monday that state income tax revenues plummeted by $2.3 billion since he introduced his [URL='https://nypost.com/2019/01/15/cuomo-unveils-178b-budget-in-state-of-the-state-address/']new budget plan last month[/URL] — 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. 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. [URL]https://nypost.com/2019/02/04/cuomo-announces-income-tax-revenues-have-dropped-by-2-3b/[/URL] [/QUOTE]
Insert Quotes…
Verification
Post Reply
Forums
The Water Cooler
General Discussion
Raising the income tax rate reduces tax collections? What?!?
Search titles only
By:
Top
Bottom