Cuomo announced Monday that state income tax revenues plummeted by $2.3 billion

Dec 2013
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Gov. Andrew Cuomo announced Monday that state income tax revenues plummeted by $2.3 billion since he introduced his new budget plan last month — a bombshell that will force him to curb spending.

Cuomo attributed the revenue drop in December and January largely to the new federal tax code, as well as volatility in the stock market and other uncertainties.

“That’s a $2.3 billion drop in revenues. That’s as serious as a heart attack. This is worse than we had anticipated,” the governor said in Albany.

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One percent of the state’s top income earners provide 46 percent of the state’s personal income tax revenues, officials said.

Cuomo said Albany can’t go to the well and tax the wealthy again because that would only worsen the situation, citing “anecdotal” evidence that high-income New Yorkers are already fleeing the state to lower-tax jurisdictions.

He offered no figures to back up the claim.

“I don’t believe 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.”

https://nypost.com/2019/02/04/cuomo-announces-income-tax-revenues-have-dropped-by-2-3b/



Huh, that is just terrible, just terrible i tell ya.
 

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