Posted on 12/13/2019 10:28:37 AM PST by karpov
ALBANY – In 2020, state officials will examine whether to turn to New York residents and businesses for more tax revenues.
With the state facing a gaping hole in its finances, and if history is an already well-known guide to New Yorkers, that’s hardly a bold prediction.
But how? That’s the $6.1 billion question.
The new state budget is due in March, and Democrats who control the state Capitol are already talking about potentially major tax hikes on wealthy individuals and corporations.
Considering past red-ink periods in the annals of state budget-making, however, low and middle class taxpayers could get caught up in the revenue-raising frenzy.
They might not be directly affected by tax hikes already given names – like the “ultra-millionaires” tax or the “pied-a-terre” tax – but those with less lofty incomes could find themselves hit, directly or indirectly, with any range of levy increases or higher nuisance fees affecting how much it costs for them to drive a car or heat a home or make a widget.
Rank-and-file lawmakers kicked off talk about potential tax hikes two weeks ago after Gov. Andrew M. Cuomo released a report on the health of the state’s finances midway into the 2019 fiscal year. It was gloomy: A $6.1 billion deficit is at hand, driven mostly by rising Medicaid costs.
Assembly Speaker Carl Heastie last week was not shy about his tax-raising preferences. The Bronx Democrat raised alarms about deep Medicaid cuts. “No one’s going to want to see their health care to be cut," he told reporters.
Heastie lined out the basic choices: cut services or hike taxes. “For us in the Assembly, we would always rather raise revenues than cut," he said.
(Excerpt) Read more at buffalonews.com ...
$6.1 billion deficit when tax revenues from Wall Street are gushing into Albany.
Good. Maybe the pain will result in people voting for candidates that won’t spend so much.
God Forbid that they cut spending. I’d say let them swirl down the toilet but if they do, the libs would swarm like locusts out of the state to ruin other states.
Double the tax on the rich. Works every time.
You are forgetting they have been filling the state with low income or no income democrats who will vote for those same jerks who give them, or at least, promise them all the free stuff.
Democrats do what Democrats do.
And this is why President Trump moved to Florida!
One word “Fracking”
Maybe the pain will result in people voting for candidates that won’t spend so much............................ Voting? Maybe more leaving,like workers and jobs. It will go the way of CA. Maybe they should divide the state north of Newburg and make the Metropolitan area a separate state? What gets me most is those who are subject to it and put those who raise taxes in power, leave to go south to bring the same kind of thinking there. Its like a cancer with no cure in sight.
Aaahhh but..... consider that the tax will include a provision for retroactive refugee asset inclusion
“Heastie lined out the basic choices: cut services or hike taxes. “
Cut services.
I left in 1980.....Taxes on a house 1,400 dollars.. in Colorado 600 dollars
And the house in Colorado had water..sewer and garbage and a way better school system...
The Californians moved in in the 1990s and ruined that state,,
Moved in 2000..to Florida and now the New Yorkers are ruining this state..
And I was suckered into being a republican...
Trump has exposed them all as crooks.. well 80%
18,000 people pay 90% of NY taxes.
One person leaves and you are in a world of hurt.
NY is filled with brain dead morons. Its a radioactive waste dump.
Anyone with intelligence left or is leaving for greener pastures.
absolutely.....
Hey, Bloomberg, maybe you should follow Trump.
https://bestofcomicbooks.com/escape-from-new-york-remake/
Government workers are privileged nobility. Taxes up, debt bigger, then the nobility wins.
Double down. Double the taxes. Double the debt.
The New York nobility owns you tax payers.
Keep working the plantation.
They could start with ceasing welfare payments to multigenerational recipients
Then check lifestyle status.
Discontinue planned parenthood distributions
The house I grew up in has a $35,000.00 per year tax bill. My parents paid a fraction of that.
Whatever New York is doing they need to stop
It is not functioning.
They’ve been putting those demo voters on south bound buses.
Just wait, congress will have the rest of us bail them out, again.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.