[Breitbart] Gov. Andrew Cuomo (D-NY) is blaming President Trump for his state’s $2.3 billion budget shortfall.According to Cuomo, it was Trump’s tax cut that caused "many of the state’s richest residents ‐ who pay 46 percent of the state’s income tax ‐ to either change their primary residence or leave New York entirely."
Let me back up a bit...
What Trump’s tax reform did was to restore fairness to the tax code, was to put an end to the injustice of all Americans ‐ including those in the middle class ‐ paying for the sky high tax rates in states like New York.
You see, before Trump reformed the tax code, all Americans were subsidizing the rich.
It used to be that you could write off every penny of your state income tax on your federal income tax. Trump put an end to this outrage. Here’s how it works...
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.