New York State Tax Revenues Slump 36%, Is New York The Next California?

Zero Hedge ^ | 10/5/09

[ctdonath2]

Among other reasons, I left NY because of high taxes.
Now NY gets no taxes from me.
Funny how that works.

[Joe Boucher]

N.Y. tax revenues drop 36%?
Soo go spend more money ya govt. fools.

[achilles2000]

40%

[SaraJohnson]

All the beady eyed individual must do is tax the rich more and revise the rich to be anyone who has a job as Democrats “progressed” to do in the past! What’s the problem here?! The State is so lovely and good, no cost is too much!/s/

[ari-freedom]

“The question I have never heard addressed: Why is it a government’s function to maximize tax revenues anyway? “

because you don’t want the govt go into debt

[SaraJohnson]

“We need healthcare now. sarc”

That is the only SMART decision of progress! We need more “free” stuff now more than ever./s/

[Freddd]

Yeah, but they didn’t need the rich such as Rush Limbaugh, there spending money and paying taxes, right? LMAO

[TChris]

because you don’t want the govt go into debt

Without spending discipline, no amount of revenue will ever be enough.

The focus should be on limiting spending to a few, well-definied and legitimate purpoases, then raising only the revenue necessary to cover that.

[TChris]

Pardon the rogue letter ‘a’...

[DesertConservative]

Likewise, I’m glad I don’t give NYS any more taxes. Too bad upstate is the unlucky siamese twin to downstate.

[RJL]

“We added personal income tax, which we thought would make the falloff 10 percent to 15 percent,” Paterson, a Democrat, said on CNBC today, referring to $5.2 billion in new or increased taxes. “This is what is so frustrating. It’s still 36 percent, meaning our revenues fell more in 2009 than they did in 2008.”

New York needs to quit taking silly half measures, instead of small tax increases, immediately raise taxes to pay for the whole 36% falloff.

With any luck, they'll drive more evil rich conservatives out of New York, just as they drove out Rush Limbaugh. Once the evil rich are driven out New York will be a Shangri-La.
/S

[ari-freedom]

well of course you have to have spending discipline. What you don’t want is the philosophy of cutting taxes while ignoring the deficit.

[Blood of Tyrants]

Jeez, NYC teachers already make over $70k a year.

[Dark Wing]

fyi

[willgolfforfood]

Not to mention Madoff.

[Rebelbase]

Gov, take my advice, 75% tax on all citizens making more than $100,000, you coffers will flood, public works will increase and you’ll be a hero! (for about a month!)

[Neoliberalnot]

I am heavily invested in such businesses.

[fieldmarshaldj]

Gee whiz, did Paterson see this coming ?

[RipSawyer]

We will have fifty “next Californias” by the time the leftys get through installing the Obama Utopia system.

[A. Patriot]

Just more of the planned destruction of the American economy and America by the communist usurper in the White House.

After the collapse, Obama and his minions will offer the American people "change they can believe in", also called fascism/socialism. The American people will gladly accept it.