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

Zero Hedge ^ | 10/5/09

[Marysecretary]

No, we do NOT deserve it. Thanks a bunch.

[RobbyS]

How many people on long Island are saying: whyshould I pay taxes just to pay pensions for the retired civil servant next door, who gets a bugger check each month than I do from my boss, after all the stuff is taken out. And his boss is thinking: Now Texas has no income tax and low commercial rents right now, right?

[TChris]

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

Where is THAT in the Constitution?

[SkyPilot]

NJ, Kalifornia, and NY need to put a stake through the heart of the Teachers Unions.

This is their attitude.

I could say the same thing about my paycheck that goes to exorbitant property taxes that pay for their salary, retirement, health care, etc.

Is all this really that hard? Put the screws to this union and kill it.

[SkyPilot]

[WOBBLY BOB]

I foresee a huge tax coming soon on moving companies.
(think Kalifornia and ammo taxes)

[SkyPilot]

“mmm”, “mmm”, “mmm”

Can I ask a question?

What does that mean? I see all these "umm umm" or "mmm mmm" repeated posts on FR all the time now. It sounds like listening to someone chew food.

Is it some obscure SNL skit, or YouTube video? I have to admit, it is kind of annoying.

[VeniVidiVici]

“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.”

Hey Paterson. Even you and your Democrat moron leaders in NY should be able to see all you have to do is raise income taxes another 50% and everything would be great!

Geez, some people just have no idea what they're doing.

[BooBoo1000]

Yes I think a gigantic tax increase, one that would cover all of their shortfalls and provide for a rainy day account would be fine for New York. In the area of 50% seems fair

5

[Vehmgericht]

There is a simple and very progressive solution to New York’s budgetary problems. Simply tax all income at the 175% level and the deficit disappears. This will also promote the “greening” of New York, a process that is well advanced in cities like Detroit.

[VeniVidiVici]

http://www.youtube.com/watch?v=6JmmFeR7CY0

[relictele]

"We are Ground Zero for the economic recession,” said Paterson. “What we’re recognizing now is what everybody recognizes in their own portfolio: you can’t overinvest in one area because, if it fails, you’ll have a debacle.”

Lovely - NY's own governor comparing economic conditions with 9/11 - he of all people should know better.

Politicians continue to misuse the term 'invest' when they are doing no such thing.

Absent from Paterson's remarks and the article as a whole is any mention of tax cuts, i.e. incentives for producers to remain in-state.

[Seruzawa]

You idiots are too high on the Laffer Curve. No matter what you do you will not get more money. Unless you build an iron curtain around your State and force everyone to stay.

Nope. Even that won’t work. It’s been tried.

You haven’t cut your budget enough. 10% across the boards for a start. Otherwise you are doomed to bankruptcy.

[Oldpuppymax]

Gee, another state run by the left for decades facing huge deficits. That is probably just a coincidence. Everybody knows that funding every leftist program in existence is good fiscal policy. So there is just one possibility—it’s BUSH’S fault!

[hoosier hick]

I have tried going down the road of “cut spending, you fools,” but find that doesn’t resonate with politicos. So now I use “cut services and get used to it”....

hh

[FromLori]

[relictele]

I have to admit, it is kind of annoying.

It's a reference to or a takeoff on the schoolchildren's Obama Tribute song they were taught and performed in school - the video of which caused an outrage since a) it showed American kids acting in ways previously unimaginable and very much like kids in Cuba, North Korea, the USSR, etc. and b) it arrived around the time Obama's every-school speech was to be aired while Dems and lefties claimed that opposition to the speech came only from right-wing nutjobs, that the speech was harmless and that it wasn't intended to indoctrinate kids or glorify Obama.

The mmmm-mmmmm-mmmmm references are posted as a sarcastic reference to the song's refrain and to the simple-minded symbiosis between Obama and his supporters.

That said I think the reference fails on several levels. #1 it simply isn't funny on its own merit since it's just a single consonant repeated. #2 it lacks context #3 it's repeated far too often to have any punch left

I'm in agreement with you. We can do better.

[SkyPilot]

Thanks - I'll watch it later.

At least I know where all this "mmmm mmmm mmmm" junk is coming from. It seems every one out of three threads on FR has someone post some "mmmm mmmm mmmm" reply, and it is getting old......actually....it got old last week.

[ari-freedom]

‘”One percent of the households that file in this city pay something like 50% of the taxes,” explained the Mayor. “In the city, that’s something like 40,000 people. If a handful left, any raise would make it revenue neutral. The question is what’s fair. If 1% are paying 50% of the taxes, you want to make it even more?”’

alright alright so I’ll vote for Bloomberg

[ari-freedom]

“Economics 101: NY is clearly now at point B on the Laffer Curve:”

not necessarily. it could be the NY simply loves to spend so much on overpriced, underperforming union jobs