My Daily Dose of Schadenfreude

Reading about Andrew Cuomo whining about billionaires leaving New York is music to my ears.

https://www.newsday.com/news/region-state/state-budget-revenue-decline-1.26892647

Apparently, the combination of the federal tax limit of $10,000 deduction of state income tax and the confiscatory upper tax level brackets have the rich and well off heading for the New York borders.  And now the tax revenues are off by several billion dollars.  What a surprise!

Hey does that mean free college might be impacted?

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TomD77
1 year ago

Working backwards, $2.75 Billion at 4% implies at least $70 billion taken out of the NY economy without factoring in any year to year increases. I would imagine that most of this money was taken out of New York City, which, I am told, adds another 4.8% tax burden.
When you take money out of an economy, there is a multiplier effect as that money spreads. So, what the total hit to the NY economy? Who knows, but it’s a multiple of $70 billion.