American Elephants

NY Gov. Cuomo Has a Deficit, It’s Trump’s Fault! by The Elephant's Child

Whatever it is, it is Trump’s fault. I do keep mentioning that Democrats don’t seem to understand basic economics. Now New York Governor Andrew Cuomo (D) is blaming President Trump for his state’s $2.3 billion shortfall. Governor Cuomo says it was Trump’s tax cut that caused “many of the state’s richest residents to either change their primary residence or leave New York entirely.”

Before Trump reformed the tax code, all Americans were subsidizing the rich.

In the state of New York, if you earn over $1,078 million per year, you pay an income tax to the state of almost nine percent.

In other words, using round numbers, a New York resident who earns $10 million owes the state of New York close to $900,000 in income taxes. But…

Democrat-run states like New York knew that their rich residents would not feel the sting of that $900,000 tax bill because that $900,000 could be written off of their federal tax bill.

Basically, this was a sleazy way for Blue States to steal money from federal taxpayers, to make all of us pay for their grotesque tax rates. These Democrat-run states not only got all of this tax money, they also avoided getting voted out of office for over-taxing because the federal write-off removed most of the sting for the wealthy taxpayer.

It seems that in 2017, Cuomo had a $4.4 billion deficit. How did Trump create that? Hint: cutting taxes means that everyone has more money to create, invent, grow, and invest, so the economy booms and that, in turn increases tax revenue, because more people are working and wages are going up. Too complicated for the leftist mind.

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