The limitations on property and income taxes deductions contained in the Tax Cut and Jobs Act are taking a toll on the New York State budget. The Wall Street Journal (subscription) reports today on Florida's recent success in luring high-income refugees from high tax states like New York. Meanwhile, New York Governor Andrew Cuomo is livid, as the New York Post reports.
Gov. Andrew Cuomo announced Monday that state income tax revenues plummeted by $2.3 billion since he introduced his new budget plan last month— a bombshell that will force him to curb spending.
Cuomo attributed the revenue drop in December and January largely to the new federal tax code, as well as volatility in the stock market and other uncertainties.
“That’s a $2.3 billion drop in revenues. That’s as serious as a heart attack. This is worse than we had anticipated,” the governor said in Albany.
“This reduction must be addressed in this year’s budget.”
Here's Cuomo offering his opinion on the Tax Cuts and Jobs Act:
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