New York Proposes Taxing Wealthy Non-Residents Who Own Luxury Apartments | WHAT REALLY HAPPENED

New York Proposes Taxing Wealthy Non-Residents Who Own Luxury Apartments

One month ago, liberal New York governor Andrew Cuomo, when warning his state's citizens that income tax revenues were coming in $2.3 billion below the budget expectations of just a month prior as a result of the new federal tax code which limits state income tax deductions to $10,000, he demonstrated a moment of rare fiscal insight when he said that "I don't believe raising taxes on the rich" as "that would be the worst thing to do. You would just expand the shortfall. God forbid if the rich leave."

Cuomo said Albany can’t go to the well and tax the wealthy again because that would only worsen the situation, citing “anecdotal” evidence that high-income New Yorkers are already fleeing the state to lower-tax jurisdictions.

While he was absolutely correct, we are confident that behind the scenes he got roasted by the far-left of the New York Democratic Party, which has spawned such Democrat Socialists as AOC. Of course, New York state already has a steeply progressive tax code as the top 1% of earners pay 46% of all the income taxes. And because of the unexpected budget shortfall, Cuomo, as governor of one of the deepest-blue states in America, would almost certainly be pushed hard to raise taxes on the rich.

Sure enough, it did not take long for Cuomo to make a hard left turn, and as Bloomberg reports due to pressure to find revenue to finance a $40 billion fix for New York’s subways, buses and regional commuter rail, New York has taken a page right out of the Vancouver playbook and is now considering a tax on wealthy non-residents who own luxury city apartments.

In other words, just one month after Cuomo said he doesn't believe in hiking taxes on the rich, New York is planning to do just that.

Tags:

Comments

SHARE THIS ARTICLE WITH YOUR SOCIAL MEDIA