New York has a giant tax problem its leaders don’t want to face

New York has a giant tax problem its leaders don’t want to face



...Cuomo partly gets what’s going on: “‘Tax the rich! Tax the rich! Tax the rich!’ We did. Now, God forbid, the rich leave,” he said. He noted that the top 1 percent of New York earners provide 46 percent of the state’s personal income tax revenues, and cited anecdotal evidence that wealthy locals are heading for lower-tax states.



...Cuomo is talking about cutting back the $176 billion spending plan he released last month, calling the tax shortfall as “serious as a heart attack.”

But he’s not raising the issue of long-term reforms to address the problem — other than vowing to “fight the loss of the SALT deduction and do everything possible to protect taxpayers.” Everything, that is, except taxing them less so they don’t leave.