You have commented 339 times on Rantburg.

Your Name
Your e-mail (optional)
Website (optional)
My Original Nic        Pic-a-Nic        Sorry. Comments have been closed on this article.
Bold Italic Underline Strike Bullet Blockquote Small Big Link Squish Foto Photo
Submit your comments on this article
Home Front: Politix
New York state tax revenues plummet by $3.7 billion
2019-04-20
Low tax Red States are no longer subsidizing the rapacious high tax Blue States
[NY Post] New York state tax revenues fell by $3.7 billion, or 4.7 percent, last year ‐ the largest collapse since the 9/11 attacks ‐ but officials downplayed the significance.

Trying to find a bright side, state Comptroller Thomas DiNapoli said things could have been worse since a surge in collections last month staved off an even steeper drop.

"After months of concern over lower-than-expected tax collections, the state ended the fiscal year on a positive note," he said.

"The sharp revenue declines in December and January, however, remind us to take nothing for granted. With expectations of a slowing economy and ongoing concerns regarding federal fiscal policies, a strong commitment to building robust reserves in preparation for the next economic slump is essential."

The primarily culprit was a 6.6 percent decrease in personal income tax revenues, which came in at $48.1 billion ‐ $3.4 billion less than the previous year.

DiNapoli spokesman Brian Butry cited sweeping changes to the federal tax code, including a new $10,000 cap on state and local taxes that could be claimed on federal returns.
NY Commies Dems will respond by raising taxes, driving earners out
Posted by:Frank G

#13  Silentbrick - first we need to drag the Austinites back to NY & CA.
Posted by: Glenmore   2019-04-20 22:13  

#12  Sbrick, i think you're on to something but the details need working.
Posted by: AlanC   2019-04-20 16:40  

#11  I think the state of Texas should start taxing the residents of NY and CA for stupidity. If you make more than 100,000, then you pay 99% of all your money to Texas. Anyone refusing will be dragged behind a horse from their state to TX. If they live, then they'll hang em. After all, fair is fair, they annoy us, they need to pay for it.
Posted by: Silentbrick   2019-04-20 13:52  

#10  Where was the other 300 million fall from??

Oh and why have any exemption?

Trump should halve that 10,000 next
Posted by: Bright Pebbles   2019-04-20 13:46  

#9  New York state tax revenues fell by $3.7 billion, or 4.7 percent, last year ‐ the largest collapse since the 9/11 attacks ‐ but officials downplayed the significance.

What to do about this? Get rid of corrupt Dems in NY who leach off the state.
Posted by: JohnQC   2019-04-20 12:02  

#8  Raj, it's tough to beat CA's Franchise Tax Board in that department.
Posted by: Abu Uluque   2019-04-20 10:36  

#7  High frequency trading is not a good thing. How bout a level playing field? (Yeah, I know, no such thing...)
Posted by: M. Murcek   2019-04-20 09:48  

#6  The financial industry cannot accept the network latency of satellite. Algorithm trading deals in milliseconds (NY - Chicago in 13.3 ms). Fascinating TED talk by Kevin Slavin.

Posted by: Warthog   2019-04-20 08:59  

#5  My thoughts on #4: Yes, some (most, many, not so many?) financial sector workers want certain cultural amenities and may equate liberal voting habits with the availability of those things. The corporate registry stuff is 99% filed paperwork and 1% competent courts. Amenities don't mean much at all. I'd imagine most corporate laweyrs would not object to travelling to Cheyenne if a trip to Jackson Hole was in the itinerary. Aditionally no reason the Wyoming legislature couldn't just make Teton County the court of resort for corporate registry matters. As for the financial industry, they need access to "the cable" for HFT, which of course could be done via satellite rather than transoceanic circuit. At the end of the day, the real shakers and movers simply do not go to hipster bars in any event...
Posted by: M. Murcek   2019-04-20 08:29  

#4  That will be fine MM as long as those state legislatures don't wind up importing millions of Blue State voters and their ideas.
Posted by: AlanC   2019-04-20 08:13  

#3  The blue states on the west coast are going to be with us for a while, but the blue states on the east coast are not going to be able to solve their massive outdated infrastructure problems within the constraints of their shrinking tax bases. A smart state legislature (N or S Dakota, Wyoming, TX) could craft some laws to steal the financial industry from NYC and the corporate registries from Delaware and the east coast is comple toast.
Posted by: M. Murcek   2019-04-20 07:38  

#2  NY State Dept. of Taxation and Finance, in my admittedly limited contacts and experience with them, are even bigger assholes than the Mass. Department of Revenue (and probably CA's Franchise Tax Board), and that's saying something.

One of the ways they are going to respond to this 'loss of revenue' is to go after a number of high-profile (and not-so-high profile) former residents and do a residency audit, demanding damn near every conceivable piece of evidence to prove you've moved out of state. Rush Limbaugh's brought this up enough times over the years that those of you who've heard him talk about this know that a lot more of these audits are already in the works.

Forget the fact that such harassment brownshirt thug goon tactics won't bring in jack shit for revenue; this is how the government hackerama operates.
Posted by: Raj   2019-04-20 07:30  

#1  Low tax Red State are no longer subsidizing the rapacious high tax Blue States

Let's see AOC celebrating ending welfare for the rich.
Posted by: P2kontheroad   2019-04-20 06:27  

00:00