Andrew Cuomo Admits the Truth About Taxes

RUSH: Here we are. We finally got there. The Andrew Cuomo New York state income tax crisis. I want to lead into this by using this as a teachable moment. The fact that we have to keep teaching this or informing, the fact that the people do not learn this is… Well, if you let it, it’s depressing. But more than that, it is extremely instructive in how we can never assume that issues are solved forever or for any substantive length of time, because we have an institution out there that is attempting to revise history and lie and break down every success that we have, to tell the American people that what just happened didn’t happen.

But we have fought these taxes-on-the-rich, class envy things. I’m into the thirty-first year of this program. It’s been a central part of this program for all 31 years.

They’re going to leave. They’re going to do whatever they can to avoid being financially raped like that, and this has begun to happen now in New York …

…what Governor Cuomo has been forced to do is come out and directly contradict Alexandria Ocasio-Cortez. He is out saying (impression), “Raising taxes on the rich is stupid! It’s dumb. We can’t afford it. We can’t do it.” Just yesterday they put out a poll that said 70% of the American people support taxing the rich. The Democrats were cheering. Here comes Andrew Cuomo.

New York state tax collections are down nearly $3 billion and budget concerns have arisen. “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.”

They’re not gonna have as much money to spend. “Cuomo blamed the shortfall on a federal tax plan backed by Republican President Donald Trump. 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.

“The hole in revenues in December, which some analysts have called a December surprise, and continued poor performance in January have created a $2.3 billion drop in anticipated revenues, according to the Cuomo administration. Add that to the $500 million drop in revenues for December that the Cuomo administration had previously projected and the revenue hole is $2.8 billion.”

Now, this thing they’re blaming on the Trump tax is called SALT and that’s the state and local tax deduction that was no longer allowed. And I love it, by the way. But Cuomo said it literally restructured the economy to help red states at the cost of blue states, which is exactly what it did. It was a diabolical political maneuver. Why should red states be subsidizing rich Northeasterners who are escaping the high tax rates that their states have imposed on ’em? Why should federal taxpayers be subsidizing these people?

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