He of course blames Trump. He’s upset that high State tax write offs are capped at $10k. So you can’t finance your high taxes and spending and make other states pay for it.
Poor baby is learning what the wealthy are likely to do when you raise their taxes, they leave the state. So cuts to roads, bridges and education are in store for Cuomo. Wonder if AOC and Liz Warren are watching NY?
Obviously, the fairness of the SALT deduction is a lot more complicated than "having other states pay for it".
Other states have been playing by the same rules, and would have been allowed to do the same thing. They merely chose not too. Indeed, you Federalists should have loved the old system. The SALT deduction took money away from the big bad centralized federal government and gave it to the states to spend as they saw fit. Isn't that the core of the conservative view of Federalism? The SALT deduction incentivized states to provide infrastructure and services, with less federal government involvement. For probably this and a bunch of other reasons, NY and CA were able to invest in infrastructure and services that created an environment where much more wealth is created than, say, in Oklahoma or Alabama. As a result, it turns out that NY and other high tax states provide more revenue to the government than they take out.
How will it go without than incentive? Who knows? Cuomo's only real beef is that all states made decisions about how to tax and spend based on one set of rules, and now, almost without any warning, the rules have changed.
NYS taxes have sucked forever, but this is very recent big revenue drop where the corresponding explanation is obvious.
First off, there are many states that don’t have a state income tax like Florida, Nevada and Texas that do much better than the high tax states. Drive around NY and CA, how do those highways and bridges look. Come down to Fl and TX and drive our highways.
And were does the Federal Government get the money to return to the states. From taxes. So the high tax states can subsidize their budgets by its citizens getting a write off on that money spent in the state. How does that help the citizens of Fl and TX.
You are on the losing side of this and wealthy people in NY and CA are voting with their feet. Your budgets will be overwhelmed particularly when the socialist politicians decide to impose a wealth tax in NY and CA to pay for all their new spending programs.
As I said, it's complicated.
First off, there are many states that don’t have a state income tax like Florida, Nevada and Texas that do much better than the high tax states. Drive around NY and CA, how do those highways and bridges look. Come down to Fl and TX and drive our highways.
Florida, Nevada and Texas "do much better"? How? Why? Those are the two questions. First - Florida doesn't have snow or mountains. That might contributed to the "highways and bridges" being better than NY. I can't say I've ever heard that California has highway or bridge problems. Also, many "highways and bridges" are subsidized by the federal government anyway (I believe the interstate system is). Texas is blessed with oil money, and Nevada with gaming money.
Even if you are correct, there are exceptions that make the rule. State-based infrastructure like mass transit, connectivity, recreational facilities (parks, etc.), has contributed to the creation of great wealth centers in NY and CA. Those people pay more in taxes to the federal government. It actually benefitted the zero tax states to have people flock to the attractive states like CA and NY and contribute more in taxes to subsidize the lifestyle of Floridians and Texans.
And were does the Federal Government get the money to return to the states. From taxes. So the high tax states can subsidize their budgets by its citizens getting a write off on that money spend in the state. How does that help the citizens of Fl and TX.
You are barking up the wrong tree here. Citizens of NY and CA contribute more to the federal government than they take out. That's pretty well-known, but I can get that data for you. I believe TX is a net contributor as well. If TX wants more money from the Federal Government, it should look to the net-takers, not NY and CA.
You are on the losing side of this and wealthy people in NY and CA are voting with their feet. Your budgets will be overwhelmed particularly when the socialist politicians decide to impose a wealth tax in NY and CA to pay for all their new spending programs.
I'm not sure what you mean. I'm from Indiana. I was explaining why the old SALT deduction was not necessarily unfair. It is very likely that the elimination of the SALT deduction will cause wealth to leave NY and CA. My question is whether it is a good thing that the new tax law forced that to happen.
And if you don’t know how bad the highways are in CA you need to get out more.
Are you serious attractive states like NY and Ca are you smioking crack. What would you know I’m having a discussion with someone that lives in Indiana. One of the most attractive states.
Cuomo said people are leaving NY because they are no longer getting the SALT deduction (at least this is what your original post said). I don't disagree. I never had. I am commenting on your statement "So you can’t finance your high taxes and spending and make other states pay for it." I said it was more complicated than making other states pay for it.
Why you keep repeating your mistake that I questioned whether people were leaving New York because of taxes I'll never know.
We were almost having a rational discussion, there, too. But you gave up and just started making shit up.
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I have one of those generators too.
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TESLA erected a temporary wall to hide the dormant factor floor from reporters. Workers watch movies on their cell phones because there is nothing to do.
It was absolutely insane to give one company operating in a narrow market niche such a large tax break. It could have been spread around.
Solyndra all over again.
Link: https://www.wivb.com/news/investigates/former-tesla-workers-paint-grim-picture-of-buffalo-plant/1754568826
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