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Time and time again, the Democrats turn to higher tax rates, particularly on the wealthy, as a means of making things better somehow. At times it may appear to be virtue signaling to say that those who are rich should “pay their fair share” even when they pay most of the taxes already.
Now New York is showing, yet again, that a progressive income tax system that really is about redistributing wealth and punishing the rich will eventually implode. The rich will simply move themselves, their assets, and their capital elsewhere.
Governor - Andrew - Cuomo - New - York
Democratic governor Andrew Cuomo announced that New York state’s income tax revenue had taken a nosedive after he introduced his new budget plan a month ago, according to the New York Post. The hit taken by the state is a whopping $2.3 billion.
The governor did also note that they have a plan to adjust for the sharp decline in income tax-generated revenue: Spending will be accordingly decreased.
Drop - Revenues - Heart - Attack
“That’s a $2.3 billion drop in revenues. That’s as serious as a heart attack,” he said.
“This is worse than we had anticipated. This reduction must be addressed in this year’s budget,” Cuomo added.
Address - Albany - Cuomo - Bit - Candidate
During his address in Albany, Cuomo took a bit of a former presidential candidate’s approach in explaining how the revenue shortfall came about: It didn’t appear to be his fault but instead seemed like the fault of everyone and everything else.
He blamed President Donald Trump’s new federal tax code. He argued that it specifically benefited some states and hurt others, according to Bloomberg.
Goal - Republican - States - States - Way
“It was politically diabolical and also highly effective. And if your goal is to help Republican states and hurt Democratic states this is the way to do it,” he said.
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