Tax collectors from New York are escalating their battle with wealthy residents fleeing to low-tax states across the country; “chasing” high-income workers who recently relocated to Florida and Texas.
“The cat-and-mouse game between state tax collectors and wealthy New Yorkers who are moving to Florida has reached new levels — and gone high tech,” reports CNBC.
“New federal tax laws limiting the deduction of state and local income taxes have created incentives for wealthy New Yorkers to move to Florida or other lower-tax states. New York Gov. Andrew Cuomo last month blamed wealth flight for the state’s $2.3 billion revenue shortfall in December and January,” adds the report.
“Tax the rich, tax the rich, tax the rich,” said New York Governor Andrew Cuomo weeks ago. “We did. Now, God forbid, the rich leave.”
Read the full report at CNBC.
BLUE STATE BLUES: Liberal Governors to SUE TRUMP ADMIN Over GOP Tax Cuts
New York’s Andrew Cuomo announced his plans Friday to form a coalition of ‘Blue State’ Governors and sue the federal government over the recently passed GOP tax legislation; saying the bill unfairly punishes east coast residents with drastically higher property taxes.
Just three states -New York, New Jersey, and Connecticut- have signed onto Cuomo’s initiative, but the group hopes to expand to California, Illinois, and other left-leaning local governments as the Republican tax cuts take effect in the coming months.
According to Fox News, the coalition blasted the legislation’s State and Local Tax Deduction, also known as SALT provision, which eliminates individual’s abilities to deduct state and local taxes from their federal filings; making people in high-tax states likely to pay more on their annual tax bill.
“The elimination of full state and local deductibility is a blatantly partisan and unlawful attack on New York that uses our hardworking families and tax dollars as a piggy bank to pay for tax cuts for corporations and other states,” Cuomo said in a statement. “This coalition will take the federal government to court to protect our residents from this assault.”
“Capping the State and Local Tax deduction had nothing to do with sound policy,” added New Jersey Governor Phil Murphy. “It is a clear and politically motivated punishment of blue states — like New Jersey and our neighbors —who already pay far more to the federal government than we receive.”
Cuomo’s lawsuit is the latest instance of Democratic leaders struggling to stop the President’s tax overhaul. Earlier this month, California announced its intention to “seize” half the tax cut revenue of all corporations earning over $1 million.
BLUE STATE BLUES: More Americans FLEE NEW JERSEY Than Any Other State in the Nation
More Americans are packing their bags and fleeing New Jersey than any other state in the nation; according to new data released by United Van Lines.
“More people moved out of the Garden State in 2018 than any other state, according to a new study by United Van Lines – though New York wasn’t far behind,” writes the New York Post.
“The Northeast region continues to see more residents leaving than moving in, with 57 percent of all moves within the Northeast US being outbound moves,” said the report released by the moving company.
The study found that 66.8% of those moving to or from New Jersey were “outbound,” followed by Illinois, Connecticut, and New York.
“Vermont – whose population is the second-smallest in the nation — was the only Northeast state that made the ‘most moved to’ list, topping the list with 72.6 percent of its movers making inbound migrations,” adds the Post.
Read the full report here.