Governor Andrew Cuomo says New York Needs to Raise Taxes.
New York Gov. Andrew Cuomo said the state will need to raise taxes to bridge its current budget deficit, even if Congress approves more funding as part of a coronavirus relief bill.
Mr. Cuomo didn’t specify which taxes the state would look to increase, and his aides didn’t answer subsequent questions. Layoffs and borrowing will also be part of the discussion, he said.
“New York is one of the highest taxed states in the nation, and raising taxes will result in the continuation of the exodus from this state,” Senate Minority Leader Robert Ortt, a Republican from Niagara County, said in a statement.
As Mr. Cuomo spoke in Albany, a group of progressive advocates unfurled a banner in Manhattan’s Central Park that represented the collective wealth of billionaires in the state. In addition to raising income-tax rates, groups like Make the Road New York, which works with undocumented immigrants, say the state should also tax financial transactions and the unrealized capital gains of high-wealth individuals.
Michael Kink, executive director of Strong Economy for All, a coalition of labor unions, said Mr. Cuomo should take an all-of-the-above approach to raising revenue before resorting to cuts.
Goldman Sachs Ponders Move to Florida
Please note Goldman Sachs, the New York City-based investment bank, Plots Moving a Big Division to Florida.
Goldman Sachs Group Inc. is weighing plans for a new Florida hub to house one of its key divisions, in another potential blow to New York’s stature as the de facto home of the U.S. financial industry.
Executives have been scouting office locations in South Florida, speaking with local officials and exploring tax advantages as they consider creating a base there for its asset management arm, according to people with knowledge of the matter. The bank’s success in operating remotely during the pandemic has persuaded members of the leadership team that they can move more roles out of the New York area to save money.
Manhattan now has the most office space available since the aftermath of the Sept. 11 attacks. This time, the trend began even before the pandemic struck, with Alliance Bernstein Holding LP shaking up city boosters in 2018 with plans to move its headquarters to Nashville.
The Rich Can Flee
Cuomo didn’t specify which taxes the state would look to increase, and his aides didn’t answer subsequent questions.
He won't tell you but I will. Cuomo is looking at hiking every current tax and likely some new ones that nobody has tied before.
Do it Cuomo. You know you want to.
Do everything Michael Kink, executive director of Strong Economy for All, asks, especially taxing unrealized gains on investments and all financial taxes.
Give the progressives everything they want including no cuts to pensions and services.
It will complete the New York exodus that started years ago.
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The race is on to see which state can be most successful in driving away businesses and people.
Go for it Cuomo! Why be number 2 to Illinois?