No mention as to the effect of the changes to the higher AMT exemption amounts. Surely these higher tax rich demotards were paying a bucket load of AMT.

quote:

Originally posted by 911Boss:
Sounds to me that the problem is the state taxes, not the fed ones...

Sounds to me like the problem is too much spending!

Coumo likes to blame everybody but himself.

quote:

Originally posted by Balzé Halzé:

quote:

Originally posted by pessimist:
What am I missing here? How does the Federal cap cause a $2 billion plus shortfall in the State budget?

I think the accusation is that the cap has caused those who have the means to do so to finally move out of New York to States with a lower tax burden because they can no longer get away with writing off their super high state taxes and having the rest of the country subsidize them so they can have a lower federal tax burden than someone who makes the same exact wage in a state with lower taxes. Make sense?

Basically people are fleeing New York because of super high taxes, and Cuomo is blaming Trump for ending the SALT deducton racket.

I’m sure you’re correct in that this is Cuomo’s argument, but it really makes no sense at all.

The wealthy people “fleeing” the State are not taking their real estate with them nor are they abandoning it. Someone else is buying the property and paying the property tax. That’s the direct connection. Presumably, the people buying the real estate and paying the tax have similar income and thus similar income tax liability. I know a couple of people in upper New York paying over $90K per year in property tax. I don’t think they’d have much trouble selling their houses. The people may change but the taxes are getting paid by someone.

The reality is that wealthy people are not going to leave the State because of the property tax cap. Perhaps they’d leave because of the State income tax. However, I’m not aware of this mass exodus. The real estate market in NY is as strong as ever and Manhattan is being completely rebuilt. There are new skyscrapers going up all over the island and the vast majority of them are residential. People are spending whatever they have to in order for the privilege of living in that shithole.

Property tax in the Tri-State area is criminal. It’s nothing more than a mechanism to steal from people. “Pay us tens of thousands of dollars per year to keep what you rightfully own or we’ll take it away from you”.

Cuomo actually revealed in the article what’s contributing to the shortfall; the thieves on Wall Street are stealing less. Don’t get me started on this

Well, as expected, Dims always blame someone else for their failed actions!
Dims for the people, my ass!

NY got back more than they paid out for ages - I figured they would be happy as a liberal place it would be their duty for them to finally pony up their fair share right?

They need to align budgets with reality but like any other government won't ever happen when you rely on ever increasing taxes for ever increasing spend - as a prime example

"A total of 3,416 New York City Teachers' Retirement System retirees last year received pensions of $100,000 or more, up from 3,029 in 2017 and 856 in 2008."

Numbers found here

856 pensioners in 2008, quadrupled in 10 years to 3416 and rapidly increasing with an average of over 100,000 per year - nearly 400 more pensioners at a median of $100,000 a year per pensioner in just ONE year!

Do the math - its NOT sustainable, especially with taxpaying folks fleeing - even pensioners pay taxes for goods and services - even if the taxes on their now sold property are paid by someone else, less people = less taxes overall even if pensioners may be in declining spend mode - and that is just NYC teachers - not including other pensioners like PD and FD or public works...

My folks live in NJ and my dad has TDS. He is convinced Trump wrote this tax bill all by himself for the sole purpose of getting even with the states that didn't vote for him. SMH.

People who have high-paying, in-office jobs in NY can't just up and leave to a lower tax state. That'd likely cost them more in lost income than paying NY's insane taxes.

Seems to me, NY and NYC have been relying on a very small number of super rich taxpayers for far too long and realize it can't go on forever. They're never going to even think about reducing spending or cutting taxes for the top payers. So what else can they do? Blame Trump!

I don't know about other states, but here in AZ I regularly see tv commercials trying to get businesses to relocate to NY, touting tax credits and incentives. Yeah, I'm sure lots of companies in AZ are tempted by those. LOL. Who doesn't want to shovel snow after a day of selling all their guns and writing huge tax checks?

You would think the people of these states would rise in revolt against these corrupt politicians. Or heavens forbid restructure THEIR tax codes.

quote:

Originally posted by downtownv:
You would think the people of these states would rise in revolt against these corrupt politicians. Or heavens forbid restructure THEIR tax codes.

Yeah, you would but never forget this is the same place that elected AOC...

As stupid as a politician is, the voters are marginally at least that stupid

I remember some yenta writing a letter to the editor about the need for a new park in her town (which has plenty of them, rarely used and costly to maintain) I wrote her and asked why I would have to share the cost of this with my tax $$$ and in a few years her kids will outgrow the park, yet the costs will never end.
She never responded...

^^^^^^^^^^^^^^^^^^^^^^^^^^^^
She’s probably still trying to understand your question.....

quote:

Originally posted by downtownv:
You would think the people of these states would rise in revolt against these corrupt politicians. Or heavens forbid restructure THEIR tax codes.

Last night, since my daughter was traveling on business, I had dinner with my son-in-law, granddaughter and my daughter's mother, my ex.

Years ago, my uber-elitist ex bought 60 acres of land out in East Jesus, and moved there to become a grape farmer (you know, to supply the local vintners and all). She no longer grows grapes, the land has fallen into disrepair, and she and her hubby have to rent a place elsewhere since their home is now unlivable. That's just to lay the groundwork...

We got into a discussion last night after I mistakenly used the phrase "Make America Great Again." Her reaction was visceral, and for the next hour she tried to explain to me how evil and corrupt everyone in the Trump Administration was. When pressed to give examples, her basic reply was along the lines of, "Well, I don't know this stuff, but I just feel that..."

She went on and on about the poor, dispossessed racist Repulicans she's forced to live among, who don't know any better and just vote the way they're told. And all the time I'm thinking to myself, "When have you looked in the mirror?"

I travel a lot for work, and find myself frequently in middle America - Trump country. My ex is of the opinion everyone is a New York elitist (of which she believes herself one) or a toothless, uneducated bumpkin scrabbling to make ends meet (which is what she is - well, not toothless...).

This is what I believe the Cuomos, Newsomes, Pelosis and Schumers believe. That they are somehow superior, and are divinely tasked with taking care of the unclean and unshaven masses.

I'll bet most of them have never heard word egalitarian, much less know the meaning of it.

Its too bad that Trump did not invite Republican governors from other states to tell Dumbo that the rest of the nation is tired of making up the difference that their highest earners do not have to pay the Federal Govt. because states like yours have such high taxes.

The rest of us have to help carry the load of states like N.J. Cal, Ill. and N.Y.
Solid Democrat states.....it is glaring that Dems= high taxes.

My daughter's BIL is a research doctor. A few years back he took a job in NYC. So he rented out his $2 million house in San Diego and moved his wife and 2 young kids to the upper East side of Manhattan. After a few years there, the cost of living became unsustainable - even for him. So they moved back to their $2 million house in San Diego. And he will commute to his job in NYC every week. Even with the weekly plane rides it's cheaper to commute cross country than live in manhattan.

My overall taxes actually went up, marginally.

But this price of admission to watch the impact on states like NY, CT, NJ and CA is worth every penny !

quote:

Originally posted by fpuhan:
When pressed to give examples, her basic reply was along the lines of, "Well, I don't know this stuff, but I just feel that..."

No offense, but your ex (you're probably glad to call her that) is a poster child for the Libtards of this country. 'Cuz you know...it's ALL about "the feels". Not a sane, pragmatic, thoughtful reason in their pea-sized brains, but those "feels" tell them exactly how the world should be. GMAFB...

It's what dems do. Who can I blame I blame my failures on?