Cuomo Warns New Yorkers 'Tremendous' Tax Hikes Could Be on the Way

[IsailedawayfromFR]

Leah BarkoukisLeah Barkoukis| @LeahBarkoukis|Posted: Dec 10, 2020 8:15 AM 

New York Gov. Andrew Cuomo told residents Wednesday that income tax increases are coming, even if the state receives aid from a coronavirus relief bill.


 â€œIf Washington gives us some of it, then we’re going to have to redo a budget, we’re going to have to raise taxes—I believe we’re going to have to raise taxes, at the end of the day, in any event,” Cuomo said.

“How much? ... How much on whom and how much do you need?” he asked. “A tax increase is not a political statement. It’s a policy statement and it’s a revenue device. That’s why it has to be done in the budget.

“We need federal aid — period,” the governor continued. “I believe there will be a lot of cuts, but that has to happen within all the context of a decision in a budget. I believe a lot of tough decisions will need to be made.”

If the aid from the federal government does not come through, the consequences on the state will be “devastating,” the governor said, noting that massive layoffs would happen, fares and tolls would increase, and so would government borrowing. In this case, New Yorkers would likely see “tremendous tax increases” that would “hurt families and hurt the economy.”

Almost half of the state’s revenue comes from its personal income tax, which is projected to bring in around $60 billion before refunds in both the current and upcoming fiscal years, budget documents show. Assembly Speaker Carl Heastie, a Democrat from the Bronx, and Senate Majority Leader Andrea Stewart-Cousins, a Democrat from Yonkers, have both said they believed the state would need to raise additional revenue to deal with the fiscal crisis.

Republicans have said they oppose such increases, and business groups have warned that raising taxes on the wealthy could prompt some of them to leave the state. Mr. Cuomo’s budget director, Robert Mujica, has previously noted that about half of the state’s personal income tax revenue comes from the highest-earning 2% of taxpayers.

“New York is one of the highest taxed states in the nation, and raising taxes will result in the continuation of the exodus from this state,” Senate Minority Leader Robert Ortt, a Republican from Niagara County, said in a statement. (WSJ)

https://townhall.com/tipsheet/leahbarkoukis/2020/12/10/cuomo-warns-new-yorkers-about-tax-hikes-n2581336

If anyone was thinking of moving to another state, this might be a good time to leave.

[Gefn]

@IsailedawayfromFR
You nailed it.

No wonder why people are leaving NY and NJ. Taxes

The reason most of the people I know who are thinking or planning to move are

1. Taxes
2. Weather

[Wingnut]

NY. Taxing our way to prosperity.

[sneakypete]

If you set aside Portland,Seattle,and California,it couldn't happen to a more deserving group of people.

Not that the people of the left coast have much to worry about because within 10 years China will own most of it,and they will suddenly have full employment. Even if they don't want jobs. They just won't get paid. Room and board ain't free,ya know!

Not likely NYC will get taken over by the Chinese.

The Russians maybe,but not the Chinese.

[sneakypete]

NY. Taxing our way to prosperity.

@Wingnut

It's free money,right?

What could possibly go wrong?

[skeeter]

And this on top of Sanfran Nan’s trillion dollar bailout. These boys must be planning quite a hootenanny.

[PeteS in CA]

BOHICA

[cato potatoe]

They are considering a tax on unrealized capital gains as well as financial transactions.  I'm guessing Aesop's Fables are banned in the Empire State. 

[Fishrrman]

"They are considering a tax on unrealized capital gains as well as financial transactions..."

Does that mean that everyone in New York state who owns a house bought years ago, which may have appreciated in value over the years, will owe "unrealized capital gains" on it...?

Will they be billed one time, or for each year they continue to own the property...?

[catfish1957]

They are considering a tax on unrealized capital gains as well as financial transactions.  I'm guessing Aesop's Fables are banned in the Empire State.

Which is basically wealth confiscation.  Still, this I got to see.....  Money is a lot more portable than structured equities.  State seizing shares of stock or value of bonds is going to be a massive accounting and fidicuary undertaking.

[Smokin Joe]

"They are considering a tax on unrealized capital gains as well as financial transactions..."

Does that mean that everyone in New York state who owns a house bought years ago, which may have appreciated in value over the years, will owe "unrealized capital gains" on it...?

Will they be billed one time, or for each year they continue to own the property...?

Yeah, here they just jack the 'value' of your house with a "market value reassessment" and hit you with the property taxes.

[catfish1957]

Yeah, here they just jack the 'value' of your house with a "market value reassessment" and hit you with the property taxes.

I think that shell game is pretty univeresal everywhere.

[andy58-in-nh]

This is happening all over Blue State Nation (as opposed to the USA, which is a different country, as you know).

The elites are driving out the hated middle classes, so that they may be left to rule over a poor and permanently dependent population who will vote for them like lab monkeys pounding blue buttons to get another hit of heroin.

Where will the money come from when the businesses and productive classes are gone?

From that "other" nation, of course, to whom the Blue States are becomingly increasingly attached only by their need for cash, goods and services.

[240B]

Of course this is terrible.
But it is also Excellent!
I know we will all suffer from these Communist fools.
But it is Great knowing that the rich Liberals will very much likely suffer exceeding more than us.
Obviously this is not good. But it is all I have to cling to.
I want every Biden voter and every Democrat, bankrupt and starving for what they have done.

In less than a year, this photo will represent every Democrat in America.
And I love that, in a weird way...

[catfish1957]

I want every Biden voter and every Democrat, bankrupt and starving for what they have done.

Massive taxation, wealth confiscation, and entitlement distributions before that ever happens.

[Wingnut]

I recall hearing that something like less than 200000 NY'ers pay over 50% of the taxes to run NYC.  Those people can afford tp pick up and move the hell out of the State.   The rest of those poor bastards cant.

[240B]

Massive taxation, wealth confiscation, and entitlement distributions before that ever happens.

Yes but the schadenfreude is that the Democrats have their eyes on nationalizing Hollywood and the tech companies. That would be fantastic!

Imagine Twitter, Google, Facebook, and all the rest being confiscated by the very people they *fanatically* and most definitely 'illegally' supported. If they think Orange Man is bad - Orange Man is a dictator, ... just wait and see what is headed their direction. They are in for a very big and a very rude surprise. And I love it!

The Communist Democrats see all that money, and they want it for themselves.

[Smokin Joe]

I think that shell game is pretty univeresal everywhere.

Maybe, but a 38% increase (in one year, NO improvements) in an oil town when oil went negative, the rig count went from the 50s to 11? Vacancies in every apartment complex, and 'for sale' signs popping up like dandelions in the spring...
And saying that increase is based on "market factors"?
Don't piss on my head and tell me it's raining.

[catfish1957]

Maybe, but a 38% increase (in one year, NO improvements) in an oil town when oil went negative, the rig count went from the 50s to 11? Vacancies in every apartment complex, and 'for sale' signs popping up like dandelions in the spring...
And saying that increase is based on "market factors"?
Don't piss on my head and tell me it's raining.

Or like here in TX.  There was legislature several years ago, that limited increasing property tax by 10%.  Guess what happened...  For about 3 years, everyone got 10% increases.  After the 3rd year and outcry, the appraisal districts got wise, and worked the property value angle instead.  Again, like I said, a shell game.

[Smokin Joe]

Or like here in TX.  There was legislature several years ago, that limited increasing property tax by 10%.  Guess what happened...  For about 3 years, everyone got 10% increases.  After the 3rd year and outcry, the appraisal districts got wise, and worked the property value angle instead.  Again, like I said, a shell game.

Allegedly, we have similar limits. The dodge is that this was just the assessment, and not necessarily a tax increase.
I am sure, that if challenged, the assessor's office would whip out the rate, which actually went down a couple percent, and not look at (nor permit anyone else to) the actual amount due (nor permit anyone else to), which has increased by nearly 50% over two years ago.

[IsailedawayfromFR]

Or like here in TX.  There was legislature several years ago, that limited increasing property tax by 10%.  Guess what happened...  For about 3 years, everyone got 10% increases.  After the 3rd year and outcry, the appraisal districts got wise, and worked the property value angle instead.  Again, like I said, a shell game.

But at least one can protest and possibly win the property value assessment.  I did one year in Harris County and saved over 2 grand.

There is zero recourse on the tax rate % hikes.

[Smokin Joe]

But at least one can protest and possibly win the property value assessment.  I did one year in Harris County and saved over 2 grand.

There is zero recourse on the tax rate % hikes.

This year there was no recourse. COVID was the shield they hid behind, and there was NO contact information, even for the teleconference hearing that would likely have provided no relief anyway. Just one more example of petty tyrants hiding behind the CCP gift that keeps on giving.