Democrats own New York state and the state is in financial trouble. While Andrew Cuomo is trying to give away free healthcare and free college educations, the state is facing a massive budget shortfall.
The Washington Free Beacon reports:
New York Faces $2.3 Billion Budget Shortfall
New York faces a $2.3 billion shortfall in revenue after December and January witnessed a steep drop in income tax collections, Gov. Andrew Cuomo (D.) and state Comptroller Tom DiNapoli announced on Monday. The announcement came after Cuomo announced a $175 billion spending proposal for 2020 last month.
Cuomo blamed the loss of revenue on the federal government, the Times Union reports. The governor suggested the rollback of the state and local tax deduction, known as SALT, contributed to the shortfall and was part of an effort to punish Democratic “high-tax” states.
“Everything we did economically is right,” Cuomo said. “We tightened our belt, we cut taxes, we’re creating jobs, and here’s a penalty just because we are Democrats.”
“It literally restructured the economy to help red states at the cost of blue states,” Cuomo said of the SALT deduction rollback.
The federal rollback placed a $10,000 cap on SALT deductions and went into effect last year. According to Cuomo, most homeowners filed 2017 taxes early to take advantage of the SALT benefit prior to the changes being implemented.
“This is the most serious revenue shock New York has faced in many years,” DiNapoli said. “And that $2.3 billion figure will frankly get worse before it gets better.”
How long will New Yorkers stand for this sort of mismanagement?