New York Governor Andrew Cuomo blamed his massive $2.3 billion budget deficit on the Trump administration Tuesday; saying the President’s tax cuts had a “flip side” that encouraged wealthy residents to flee his state.
“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,” writes Fox News.
“We’ve set up reserves, but this is worse than we had anticipated,” said Cuomo in Albany this week.
“This is the flip side,” Cuomo said. “Tax the rich, tax the rich, tax the rich. The rich leave, and now what do you do?”
Read the full story here.
BAD APPLES: Cuomo, De Blasio UNDER FIRE for $1.5 BILLION in Amazon Kickbacks
Governor Andrew Cuomo and New York City Mayor Bill de Blasio found themselves in hot-water this week with Big Apple residents “furious” after they discovered the two leaders agreed to $1.5 billion in taxpayer subsidies for Amazon’s new headquarters in the borough of Queens.
The prominent Democrats were accused of an “immoral waste of taxpayers’ money” as a growing number of constituents griped over the massive kickbacks as the city’s infrastructure continues to age and crumble.
Rallying with @SenGianaris, @RWDSU, @nychange, @ALIGNny, & @MaketheRoadNY to protest #AmazonHQ2 coming to #LIC & to say NO to corporate welfare for the richest man in the world. pic.twitter.com/pElSFzz9Oo
— Jimmy Van Bramer (@JimmyVanBramer) November 14, 2018
“I think if the takeaway from the recent election in Queens, New York City and nationally is that we should actually step up corporate subsidies and billionaires getting billion-dollar bailouts — if that’s the takeaway, somebody’s not got their fingers on the pulse of Democrats, certainly, but people generally in this country,” New York City council member Jimmy Van Bramer.
ECONOMICS 101: Tax Revenue DROPS $2.8 BILLION as Wealthy FLEE NY, Budget in Total Crisis
New York Governor Andrew Cuomo confirmed Tuesday that his state is facing a major budget crisis after local tax revenue plummeted $2.8 billion; announcing he will revise the 2019-2020 budget to reflect the decreased finances.
“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,” reports Newsday.
“At this point there is no doubt that the budget we put forward is not supported by the revenues,” Cuomo said in Albany. “It’s as serious as a heart attack.”
“I fear it’s going to get worse before it gets better,” said state Comptroller Thomas DiNapoli. “It’s not all gloom and doom, but it’s a matter of very, very serious concern.”
Read the full report at Newsday.