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Progressive Battle Cry: Tax The Rich! Tax The Rich! How’s It Working Out?

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Authored by Mike Shedlock via MishTalk,

New York’s projected income tax is $2.3 billion short of estimates. Governor Cuomo cited a need for more taxes.

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Tax the rich, tax the rich, tax the rich. We did that. God forbid the rich leave,” said New York Governor Cuomo. Well they did leave and his solution, of course, is to raise taxes.

Please consider Andrew Cuomo’s Tax Epiphany

New York Gov. Andrew Cuomo was on the road to Albany when a light flashed before him. Lo, said a voice from the light, progressive taxes are driving out high earners and damaging the state budget.

Some miracle like that must have happened because on Monday Mr. Cuomo awakened from his first eight years as Governor and according to the Buffalo News declared, “Tax the rich, tax the rich, tax the rich. We did that. God forbid the rich leave.”

Mr. Cuomo delivered this testimony from the Book of Tax Revelation while announcing Monday that New York state’s income tax revenue over the last two months was $2.3 billion below projections. “That’s as serious as a heart attack,” he said.

The top 1% of New York taxpayers pay 46% of state income taxes. Revenues vacillate with capital gains—a problem that is compounded in New York because bonuses in the finance industry are often tied to trading revenue. Markets were especially volatile during the last quarter amid uncertainty about trade and interest rates.

The bigger problem seems to be geographic tax arbitrage. Mr. Cuomo notes in a PowerPoint presentation that “anecdotal evidence suggests that high income taxpayers are considering changing their residence and that financial industry firms are looking at real estate outside of New York.” While the Governor blames the GOP tax reform, high earners have been decamping for years, as E.J. McMahon of the Empire Center has chronicled.

According to IRS data we’ve examined, New York state lost $8.4 billion in income to other states in 2016 (the latest available data), up from $4.6 billion annually on average during the prior four years.Florida raked in the most New York wealth. Mr. Cuomo says that “a taxpayer in Florida would see no increase, or a decrease” under the GOP tax reform and “Florida also has no estate tax.” New York’s 16% estate tax hits assets over $10.1 million.

During his 2010 campaign, Mr. Cuomo promised to let New York’s tax surcharge on millionaires expire. But he has extended it again and again and now wants to renew it through 2024 because he says the state needs the money. Meantime, he warns that a wealth exodus could force spending cuts for education and higher taxes on middle-income earners.

Sadistic Maneuvers

Cuomo blame the Trump tax cut for this. “It literally restructured the economy to help red states at the cost of blue states,” he groused. “It was a diabolical, political maneuver.

Excuse me for pointing out the latest data on moving is from 2016 and that’s when the wealthy started leaving in droves. Keep the 16% estate tax and more will leave.

But Cuomo wants to keep it because they “need the money“.

Moody’s Warns Illinois About Tax Hikes

Illinois is in the same situation just as Moody’s Warns Illinois Governor: New Taxes Might Make Illinois Residents Flee.

So, go ahead and tax the rich. Then keep doing it until there are no rich left to tax.

via zerohedge

8 COMMENTS

  1. Really the American Public by Law should not be paying taxes, the original tax was on Businesses. As, always the Government gets greedy and spends more and more and gets nothing in return. In 1913 the Federal Government went after the Public. I have always been pissed off about paying Social Security Tax, where my employer paid equal to me to the IRS. Then the Democrats seen how much money that accumulated in that fund, they devised a SCAM to get their hands on the Money! They put Treasury Checks into the Trust Fund, now the Bastards do not want to pay “The People the Interest which has accrued on those 2% interest rates. Politicians will retire drawing the same amount of money they are now!!! **What a retirement** Politicians all become Millionaires while in Office, either schimming funds, Lobbyist** Take lying Jim Comey for example, Hillary gave him a reward for clearing her of charges, she Gets Lockheed Martin to hire him into a fake job, the Hillary steers 6 to 10 Government NON-BID contracts to Jim, Jim receives over 6 Million in Commissions and jim walks away Rich. I bet the IRS gave him a free ride on his taxes, just like Obama let Al Sharpton off for unpaid taxes in the Millions. Democrats have ruined our Country!
    Now they are in Bed With George Soros, Nancy Pelosi and Chuck Schumer for sure have Joined **The Open Borders Society** Now this is their Battle Cry, Let Illegals Pour into the US for Walls are Immoral, while Killing New Born Babies is Moral!

  2. “emperor” cuomo is just like every other COMMUNIST. (tax and spend until they run out of other people’s money) N.Y. is BLEEDING the residents dry, and thanks to PROVEN VOTER FRAUD, “city dwellers”, “dead people” “welfare takers”, and allowing ILLEGAL IMMIGRANTS “voting rights”, this corrupt crooked POS got “voted” back in along with the other crooked DEMOCOMMUNIST “minions” that follow hos “royal decrees” to the number.
    However if you look at the voting “map” the ONLY places “his highness won” were the “cities”.
    He has “royally decreed” in his televised speeches that he intends to OPENLY IGNORE THE U.S. CONSTITUTION, BILL of RIGHTS, install “HIS OWN PROGRESSIVE government”, “free” N.Y. from the “rules” of the FEDERAL GOVERNMENT, and make N.Y. the most “progressive” (COMMUNIST) state in the union. TREASON???? You BET.
    Quite a LOT of “jaw-jacking” from a MORON that just signed a bill to make INFANTICIDE “LEGAL”. (with loud applause I might add) Why has no one “commented” on THAT???

  3. Get rid of the DEMOCRAPS for good and then ABOLISH THE IRS…That should be the Republican agenda for 2020….Even DEMOCRAPS are pissed at the IRS..

  4. The idiots in New York keep voting for these people so they are getting what they deserve. Not only that but they elected not only a democrat but an admitted communist by a landslide over his republican challenger. So enjoy New York you are deserving what your vote is getting you.

  5. For all of you fools in blue states who keep voting for fools to raise taxes and provide sanctuary for illegal aliens, DO NOT MOVE DOWN SOUTH!!! We don’t want you or need you bringing your stupid politics to states like Florida and Georgia. Move to Mexico, Venezuela, Cuba, Central America, South America, China, Russia, or any other socialist/communist country where you can be with your own people.

  6. A simple FOOL, should know that excessive taxes on the rich costs many jobs.
    Some one who understands finances and creates wealth is an asset to any nation.
    Most people do not have a clue about how to create wealth,
    ; They should be glad that
    people who know how to create wealth offer good paying jobs to those who only
    know how to spend money. CREATING WEALTH AND JOBS IS A SPECIAL TALENT, AND WE
    NEED MORE WEALTHY PEOPLE.

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