I LAUGHED My Ass Off When Reading About the $2.8 Billion Revenue Shortfall For NY State

The chickens are coming home to roost! PDJT finally got rid of the loophole that many of the Blue States have taken advantage of for decades to offset their ridiculous state and in some locations, local taxes.

I happen to live in NYC. I filed my return the other day and saw ~ $2K reduction in my federal refund from the previous year. My accountant decided to blame the President. I shocked him when I said I applaud the President for his Tax Reform Bill because the blame goes to the Morons that call themselves the Governor and Mayor of NYS and NYC.

From the article linked above:

New York governor Andrew Cuomo announced Monday that the state is facing a $2.3 billion tax-revenue shortfall, and argued that the deficit can be attributed to the “diabolical” recently passed federal tax-reform package.

Cuomo blamed the loss of tax revenue, the scale of which was unpredicted by state officials, on a provision in the Republican-led tax reform package that capped state and local tax deductions at $10,000, depriving the wealthiest New Yorkers of a significant tax break that defrayed the high state taxes imposed by Albany.

“This is the most serious revenue shock the state has faced in many years,” DiNapoli said.

Cuomo warned that the loss of revenue could not be made up by continuing to tax the wealthiest New Yorkers — the top 1 percent of whom already contribute 46 percent of all government revenue — at increasingly higher rates.

“I don’t believe [in] raising taxes on the rich. That would be the worst thing to do. You would just expand the shortfall,” he said. “God forbid if the rich leave.”

Tax Year 2017 New York Income Tax Brackets TY 2017 – 2018

Tax Bracket Tax Rate
$21,400.00+ 6.45%
$80,650.00+ 6.65%
$215,400.00+ 6.85%
$1,077,550.00+ 8.82%

https://www.thebalance.com/new-york-city-income-tax-3193280

From the article linked above:

New York City is one of just a few cities in the U.S. that has a personal income tax.

New York City has five tax brackets ranging from 2.907 percent to 3.876 percent. Rates kick in at different income levels depending on filing status.

The lowest rate applies to single and married filing separately taxpayers on incomes up to $12,000. Head of household filers qualify for this rate on incomes up to $14,400. Those who are married and filing joint returns qualify on incomes up to $21,600 as of 2018. The next tax bracket jumps to 3.534 percent, then to 3.591 percent, then to 3.648 percent.

The highest bracket applies to incomes of over $500,000 for all filing statuses.

If you are single and earn over $1 million dollars and live in NYC, you pay 3.648% to NYC and 8.82% to NYS in taxes. Combined that is 12.468% in taxes.

For those concerned in states like Florida, Arizona, Texas and elsewhere that these people are leaving NY, NJ, CT, CA etc. and coming to your states and will vote for Democrats, that is a complete fallacy.

The opposite is actually occurring. The Governor of Texas, Greg Abbott, shared something from the November Election that put such a BIG smile on my face.

From the article linked above:

How long have you lived in Texas?

  Valdez Abbott No Answer
Born in Texas

59%

43% 56% 1%
Moved to Texas

41%

36% 61% 3%

How long have you lived in Texas?

  Valdez Abbott No Answer
Less than 10 years

9%

N/A N/A N/A
10+ years, not native

31%

31% 65% 4%
Born in Texas

59%

43% 56% 1%

The people that are leaving states like NY, NJ, CT, CA etc. aren’t bringing their voting patterns with them. They have seen with their own eyes what Democrats have done to their state and will not allow it to happen in their new state.

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