Yesterday, New York Governor Andrew Cuomo made a pilgrimage to the White House to beg President Trump for money. New York State has suddenly noticed a $2.3 billion deficit in its budget. The deficit is the result of a self-inflicted shotgun blast to the feet amplified by new caps on the amount of state and local taxes (called SALT) that are deductible from federal income tax.
Cuomo painfully admitted he would now need to cut the state budget as a result of the loss of wealthy residents. The top 1% of New York’s wage earners supply 46% of the income tax revenue. Target them, and some will seek out tax havens elsewhere. Cuomo, of course, looked to place the blame elsewhere. -- More....
