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2019-04-20 Home Front: Politix
New York state tax revenues plummet by $3.7 billion
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Posted by Frank G 2019-04-20 06:13|| || Front Page|| [11135 views ]  Top

#1 Low tax Red State are no longer subsidizing the rapacious high tax Blue States

Let's see AOC celebrating ending welfare for the rich.
Posted by P2kontheroad 2019-04-20 06:27||   2019-04-20 06:27|| Front Page Top

#2 NY State Dept. of Taxation and Finance, in my admittedly limited contacts and experience with them, are even bigger assholes than the Mass. Department of Revenue (and probably CA's Franchise Tax Board), and that's saying something.

One of the ways they are going to respond to this 'loss of revenue' is to go after a number of high-profile (and not-so-high profile) former residents and do a residency audit, demanding damn near every conceivable piece of evidence to prove you've moved out of state. Rush Limbaugh's brought this up enough times over the years that those of you who've heard him talk about this know that a lot more of these audits are already in the works.

Forget the fact that such harassment brownshirt thug goon tactics won't bring in jack shit for revenue; this is how the government hackerama operates.
Posted by Raj 2019-04-20 07:30||   2019-04-20 07:30|| Front Page Top

#3 The blue states on the west coast are going to be with us for a while, but the blue states on the east coast are not going to be able to solve their massive outdated infrastructure problems within the constraints of their shrinking tax bases. A smart state legislature (N or S Dakota, Wyoming, TX) could craft some laws to steal the financial industry from NYC and the corporate registries from Delaware and the east coast is comple toast.
Posted by M. Murcek 2019-04-20 07:38||   2019-04-20 07:38|| Front Page Top

#4 That will be fine MM as long as those state legislatures don't wind up importing millions of Blue State voters and their ideas.
Posted by AlanC 2019-04-20 08:13||   2019-04-20 08:13|| Front Page Top

#5 My thoughts on #4: Yes, some (most, many, not so many?) financial sector workers want certain cultural amenities and may equate liberal voting habits with the availability of those things. The corporate registry stuff is 99% filed paperwork and 1% competent courts. Amenities don't mean much at all. I'd imagine most corporate laweyrs would not object to travelling to Cheyenne if a trip to Jackson Hole was in the itinerary. Aditionally no reason the Wyoming legislature couldn't just make Teton County the court of resort for corporate registry matters. As for the financial industry, they need access to "the cable" for HFT, which of course could be done via satellite rather than transoceanic circuit. At the end of the day, the real shakers and movers simply do not go to hipster bars in any event...
Posted by M. Murcek 2019-04-20 08:29||   2019-04-20 08:29|| Front Page Top

#6 The financial industry cannot accept the network latency of satellite. Algorithm trading deals in milliseconds (NY - Chicago in 13.3 ms). Fascinating TED talk by Kevin Slavin.

Posted by Warthog 2019-04-20 08:59||   2019-04-20 08:59|| Front Page Top

#7 High frequency trading is not a good thing. How bout a level playing field? (Yeah, I know, no such thing...)
Posted by M. Murcek 2019-04-20 09:48||   2019-04-20 09:48|| Front Page Top

#8 Raj, it's tough to beat CA's Franchise Tax Board in that department.
Posted by Abu Uluque 2019-04-20 10:36||   2019-04-20 10:36|| Front Page Top

#9 New York state tax revenues fell by $3.7 billion, or 4.7 percent, last year ‐ the largest collapse since the 9/11 attacks ‐ but officials downplayed the significance.

What to do about this? Get rid of corrupt Dems in NY who leach off the state.
Posted by JohnQC 2019-04-20 12:02||   2019-04-20 12:02|| Front Page Top

#10 Where was the other 300 million fall from??

Oh and why have any exemption?

Trump should halve that 10,000 next
Posted by Bright Pebbles 2019-04-20 13:46||   2019-04-20 13:46|| Front Page Top

#11 I think the state of Texas should start taxing the residents of NY and CA for stupidity. If you make more than 100,000, then you pay 99% of all your money to Texas. Anyone refusing will be dragged behind a horse from their state to TX. If they live, then they'll hang em. After all, fair is fair, they annoy us, they need to pay for it.
Posted by Silentbrick 2019-04-20 13:52||   2019-04-20 13:52|| Front Page Top

#12 Sbrick, i think you're on to something but the details need working.
Posted by AlanC 2019-04-20 16:40||   2019-04-20 16:40|| Front Page Top

#13 Silentbrick - first we need to drag the Austinites back to NY & CA.
Posted by Glenmore 2019-04-20 22:13||   2019-04-20 22:13|| Front Page Top

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