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Feb 05 2019

New York Begins to Run Out of Other People’s Money

Looks like Margaret Thatcher was right; sooner or later, socialists run out of other people’s money. In New York’s case, they are running out of people to loot who still create wealth rather than vote for a living.

Gov. Andrew M. Cuomo on Monday announced a dramatic drop in state income tax revenue of $2.8 billion, which he says will prompt him to revise his 2019-20 budget and reconsider spending on schools, health care and repairs to roads and bridges.

It’s all the fault of Trump and his dastardly tax relief package.

Cuomo said the law’s cap on deductions for state and local taxes at $10,000 was to blame and suggested it is, anecdotally, triggering high-earners to leave New York.

If this were a sitcom, the laugh track would kick in here and run for the rest of the story. High earners are leaving New York, all right — because greedy moonbats like Andrew Cuomo are driving them out. Cuomo has explicitly stated that nonleftists are not welcome in New York.

“At this point there is no doubt that the budget we put forward is not supported by the revenues,” Cuomo said at a State Capitol news conference. “It’s as serious as a heart attack.”

Actually, it’s much funnier than a heart attack — at least for those of us who have managed to escape from New York.

When it stops being funny is when radicalized Democrats like New York’s AOC manage to take Venezuela on the Hudson nationwide.

Cuomo said that he and his administration are blameless. He said the continued exodus of residents from the state and a temporary millionaire’s tax created in 2009 to contend with the Great Recession (but which he’s extended since then) are not contributing factors.

You might hope that Cuomo would accept responsibility, learn from his mistakes, and mend his Big Government tax & spend ways. But no; he proposes extending the “temporary” millionaire’s tax for another 5 years, while using accounting gimmicks to pretend he is keeping spending increases under a 2% cap.

On a tip from Sean C.

One Response to “New York Begins to Run Out of Other People’s Money”

  1. […] New Jersey is already one of the highest-taxed states in the union. Yet it may be the state with the worst finances. If high taxes solved fiscal problems, New Jersey would be high and dry. Taxing range will just submerge it even deeper in the flood of economic dysfunction that characterizes states run by moonbats. […]

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