REPORT: Cuomo laments failure of ‘tax the rich’ policies as millionaires flee New York

As the most reliable and balanced news aggregation service on the internet, DML News offers the following information published by FOXNEWS.COM:

New York State is facing a $2.3 billion budget deficit, and Gov. Andrew Cuomo believes it’s largely due to the Trump administration’s tax reforms which, on the “flip side,” have taxed the rich and may be encouraging wealthy residents to leave.

President Trump’s Tax Cuts and Jobs Act, which takes effect for the 2018 tax year, places a cap on the state and local tax deduction (known as SALT) that Americans can take. Residents of largely blue states with relatively high state and local taxes are adversely affected, Cuomo says, by the new cap of a $10,000 deduction. New York state’s average SALT deduction was around $22,000 before the law changed.

The article goes on to state the following:

“We’ve set up reserves, but this is worse than we had anticipated,” Cuomo said at a state Capitol news conference in Albany on Monday after referring to the fiscal situation as being “as serious as a heart attack.”

To get more information about this article, please visit FOXNEWS.COM. To weigh in, leave a comment below.

The post REPORT: Cuomo laments failure of ‘tax the rich’ policies as millionaires flee New York appeared first on DML News.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.