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Gov. Andrew Cuomo (D-NY) is now falsely blaming both President Trump and Florida for his own state’s $2.3 billion budget shortfall.
If you recall, less than ten days ago, Cuomo attempted to blame Trump’s tax cut for New York’s failure to collect the revenue necessary to cover this year’s budget.
Economy - States - Cost - States - Cuomo
“It literally restructured the economy to help red states at the cost of blue states,” Cuomo whined of the tax reform that has soared the national economy.
“He says it’s prompting many of the state’s richest residents — who pay 46 percent of the state’s income tax — to either change their primary residence or leave New York entirely,” he added, according to local media.
Time - Cuomo - Claim - Details - Math
At the time, I debunked Cuomo’s claim. You can read the details here. Warning: there is some math involved.
Bottom line: Trump’s tax reform put an end to the immoral practice of allowing high-tax states like New York to force the rest of the country to underwrite their bad policies. Before last year’s tax reform was passed, up to any dollar amount, you could write your state taxes off of your federal taxes. As of this year, though, the state tax write-off amount is capped at $10,000, which means the wealthy are now feeling the full bite of blue state tax policies, and they don’t like it.
Week - CBS - Miami - Cuomo - Budget
This week, CBS Miami reported that Cuomo “blamed budget shortfalls on the state of Florida. … He said New Yorkers are fleeing to the sunshine state to save big time on taxes.”
CBS Miami talked to Barry Horowitz, “a CPA and estate planner [who] says last year was one of his busiest” because wealthy New Yorkers are desperate to get out from under that state’s crushing tax burden:
“I have done a lot of...
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