Governor Cuomo cites $2.3B loss in income-tax revenue, calls it a 'politically-motivated assault'
New York Governor Andrew M. Cuomo reported a staggering $2.3 billion loss in income-tax revenue between December and January on Monday, February 4 during a press conference upstate in Albany.
Cuomo called the loss “as serious as a heart attack” and took it to Twitter to further address his sentiments:
In New York estimated tax payments are $2.3 billion below forecast thanks to the politically-motivated assault on blue states through the federal tax code.
We will fight the loss of the SALT deduction and do everything possible to protect our taxpayers.— Andrew Cuomo (@NYGovCuomo) February 4, 2019
The governor blamed the multi-billion dollar damage on multiple factors, including the volatility of the stock market over the past few months.
But the main subject of Cuomo’s finger-pointing was the outflow of wealthy New York residents to warmer states (where they own winter homes) in an effort to escape both the cold weather and harsher tax policies that President Trump and the Republican congress have enacted.
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Cuomo called the policy (known as SALT) a “politically-motivated assault” per his Twitter.
The governor announced that the massive income blow will have him revisiting and readjusting the $175 billion state budget, including potential cuts and edits to areas like “health, education, infrastructure and a planned-middle class tax cus,” Bloomberg reported.
CBS News pointed out that the average SALT deduction in New York state is over $22,000, something that Cuomo believes is prompting residents to flee in favor of lower-taxed states that are predominantly Republican.
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