The Briefing Room
State Chapters => NY/NJ => Topic started by: rangerrebew on August 01, 2020, 01:30:48 pm
-
Revealed: super-rich donate to Cuomo as he rejects tax hikes for billionaires
Investigation shows governor’s political machine has received money from more than a third of New York’s billionaire families
Walker Bragman and David Sirota
Published on Fri 31 Jul 2020 06.00 EDT
Governor Andrew Cuomo of New York has stood firm against intensifying pressure to avert massive budget cuts by raising taxes on the many billionaires who live in his state.
As that campaign to tax billionaires received a recent boost from Congresswoman Alexandria Ocasio-Cortez and New York’s Democratic state legislative leaders, Cuomo has insisted that he fears that the tax initiative will prompt the super-rich to leave the state. On Wednesday, he doubled down, warning that if the state tried to balance its budget through billionaire tax hikes “you’d have no billionaires leftâ€.
https://www.theguardian.com/us-news/2020/jul/31/cuomo-new-york-governor-billionaires-super-rich (https://www.theguardian.com/us-news/2020/jul/31/cuomo-new-york-governor-billionaires-super-rich)
-
Since special taxes on The Rich usually result in The Rich taking their assets elsewhere or structuring their economic activities to reduce their taxes, opposing soak-the-rich taxes is prudent.
More generally, I think having higher tax rates for The Rich is theft-by-government.