New York Faces $2.3 Billion Budget Shortfall

Washington Free Beacon | 2/5/2019 | Jeffrey Cimmino
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BY: Jeffrey Cimmino

New York faces a $2.3 billion shortfall in revenue after December and January witnessed a steep drop in income tax collections, Gov. Andrew Cuomo (D.) and state Comptroller Tom DiNapoli announced on Monday. The announcement came after Cuomo announced a $175 billion spending proposal for 2020 last month.

Cuomo - Loss - Revenue - Government - Times

Cuomo blamed the loss of revenue on the federal government, the Times Union reports. The governor suggested the rollback of the state and local tax deduction, known as SALT, contributed to the shortfall and was part of an effort to punish Democratic "high-tax" states.

"Everything we did economically is right," Cuomo said. "We tightened our belt, we cut taxes, we're creating jobs, and here's a penalty just because we are Democrats."

Economy - States - Cost - States - Cuomo

"It literally restructured the economy to help red states at the cost of blue states," Cuomo said of the SALT deduction rollback.

The federal rollback placed a $10,000 cap on SALT deductions and went into effect last year. According to Cuomo, most homeowners filed 2017 taxes early to take advantage...
(Excerpt) Read more at: Washington Free Beacon
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