As taxpayers leave NY, Cuomo freaks out as state is $2.3 billion short
Hey, it was going to happen sooner or later. If one has the means (and especially if one has LOTS of means) and if one isn't linked to New York for family or work reasons, why would someone be a resident given the taxes and regulation? Cold, hyper regulation, corruption, pollution, and traffic define New York for many of us.
Don't get us wrong we know New York quite well. To some degree we legitimately love the city of New York. Part of our family is from Manhattan. However, why stick around, at least for tax purposes, on a slowly sinking ship?
And just wait until the next recession.
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.
...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.
Yes, "anecdotal". We'll bet that Cuomo has heard a few of these anecdotes over cocktails recently.