{"id":178502,"date":"2021-02-15T00:33:15","date_gmt":"2021-02-14T21:33:15","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/lawmakers-tax-hike-temptation-could-end-ny-as-we-know-it\/"},"modified":"2021-02-15T00:33:15","modified_gmt":"2021-02-14T21:33:15","slug":"lawmakers-tax-hike-temptation-could-end-ny-as-we-know-it","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/lawmakers-tax-hike-temptation-could-end-ny-as-we-know-it\/","title":{"rendered":"#Lawmakers’ tax-hike temptation could end NY as we know it"},"content":{"rendered":"

“#Lawmakers’ tax-hike temptation could end NY as we know it<\/strong>”
\n<\/p>\n

\n

Albany progressives are drooling at the chance to hike taxes as they hammer out a budget for the new fiscal year, which starts April 1. Yet their dreams threaten a nightmare for New York\u2019s economy.<\/p>\n

Gov. Andrew Cuomo\u2019s plan would raise levies $2 billion, mostly via an income-tax surcharge on top earners and a delay in scheduled tax cuts for the middle class. And proposals in the Legislature (now packed with radical leftists) would go even further.<\/p>\n

The income-tax hike alone would put New York\u2019s top combined state and local tax rate at 14.7 percent, the nation\u2019s highest. As the nonpartisan Citizens Budget Commission notes, that \u201cheightens the risk that these residents will leave the state, taking their tax payments and possibly business interests with them.\u201d<\/p>\n

Empire Center fiscal expert E.J. McMahon has echoed that fear, noting that \u201cthe highest 1 percent of taxpayers\u201d already <\/em>account for 40 percent of the state\u2019s personal-income tax. If efforts to bleed them for more drive them away, the state could see a net loss on its tax hikes.<\/p>\n

Cash-flight risks are higher now, the CBC points out: \u201cThe past 11 months of telecommuting and remote business administration\u201d have proven \u201cthe viability of being outside of New York.\u201d<\/p>\n

Meanwhile, leaders in the securities industry, which accounts for 18 percent of state tax collections, are sounding alarms about similar \u201cconsequences\u201d of reinstating a stock-transfer tax: \u201cIf Albany lawmakers get their way,\u201d New York Stock Exchange President Stacey Cunningham warns<\/a>, \u201cthe center of the global financial industry may need to find a new home.\u201d Already, she notes, many Wall Street employees are migrating to states with more hospitable tax policies.<\/p>\n

So New York stands to lose not just taxpayers who contribute the most to the budget but also a major industry. The state would never look the same.<\/p>\n

Stock-transfer taxes, by the way, often fail to bring in the expected revenue, since firms simply move to avoid them, adds Cunningham. Regular folks would pay, too, as the cost gets passed along: Vanguard estimates a tax of just 0.1 percent would force retirement-account investors to work 2 \u00bd years longer to rack up the same savings.<\/p>\n

There are better budget-balancing steps, like trimming Albany\u2019s \u201ceconomic-development\u201d slush fund, which hands out nearly half a billion dollars a year to the film and TV industry alone. Or reining in school spending, which is far higher here per student than in any other state.<\/p>\n

But raising taxes should be off the table. If New York is to survive, fiscally and economically, it needs to prop up its economy and hang on to its tax base \u2014 not decimate them both.\n <\/p><\/div>\n

If you liked the article, do not forget to share it with your friends. Follow us on\u00a0Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n

\n

For forums sites go to Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n

\n

If you want to read more News<\/a> articles, you can visit our News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n

Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Lawmakers’ tax-hike temptation could end NY as we know it” Albany progressives are drooling at the chance to hike taxes as they hammer out a budget for the new fiscal year, which starts April 1. Yet their dreams threaten a nightmare for New York\u2019s economy. Gov. Andrew Cuomo\u2019s plan would raise levies $2 billion, mostly…<\/p>\n","protected":false},"author":1,"featured_media":178503,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/02\/AFP_NYSE.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[93270,70430,43,70786,93381],"class_list":["post-178502","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-2-14-21","tag-andrew-cuomo","tag-editorial","tag-state-budget","tag-tax-hikes"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/178502","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=178502"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/178502\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/178503"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=178502"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=178502"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=178502"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}