Higher taxes should make New York an even more loathsome place to those considering fleeing. From Tyler Durden at zerohedge.com:
In what should come as a shock to precisely no one, New York’s Governor Andrew Cuomo (famous for pissing away hundreds of millions of dollars in Tesla’s Buffalo boondoggle), thinks he’s such a great allocator of capital that his state needs to raise taxes. The Democrat playbook is becoming a bit predictable, isn’t it?
This, of course, comes while businesses and private citizens are moving hand over fist out of the state in favor of states like Florida and Texas, where there is no personal income tax.
Cuomo made the comments on Wednesday of this week when he was asked about the deficit created for his state by the Covid-19 pandemic. “Mr. Cuomo didn’t specify which taxes the state would look to increase, and his aides didn’t answer subsequent questions,” the Wall Street Journal reported. That’s some high quality leadership if we’ve ever seen it.
The state had adopted a budget in April that was dependent on further Federal relief that has not yet materialized. Now, Cuomo is saying that even if the Federal relief happens, tax hikes are still on the table.
Currently, both sides of the aisle once again seem gridlocked on getting any type of stimulus deal done, with a punt of the issue into 2021 becoming more likely as the days pass by.