So, our Gov. Andrew Cuomo has a budget deficit problem. Is that a surprise? Shouldn’t be, the way New York State spends like money is no object. It funds all those freebies and balances the budget assuming great tax collections. Anyone can balance a budget by inflating revenue. But at the end of the year, the chickens come home to roost.
Cuomo is blaming the federal government tax changes for his deficit shortfalls. I say it’s poor budgeting. Don’t forget New York State is the second highest taxed state in the union, that is pushing to be number one. Property budgeting would have tried to take into consideration a potential impact of the new federal tax laws.
Note that all the heavy taxed Democratic run states have the deficit issue. But the Republican-run states do not have an issue.
Cuomo claims high income earners are leaving New York State. Well that trend is not new. People are tired of being taxed and taxed, again and again.
Why is it that Florida can survive without a state income tax (Texas, also) but New York State has to keep striving to increase taxes? If Cuomo worries less about increasing abortion and concentrated on expenses he would be in better shape. New York State is in bad shape for its debt also.