Cuomo Says Trump Tax Cuts Punsih Blue States Like New York
Feb. 05--Gov. Cuomo trashed President Trump on Monday for burdening the state with a regressive tax cut he said is designed to punish New Yorkers for being Democrats.
Cuomo, at an Albany news conference, said the President's plan is to blame for $2.3 billion in lost tax revenue that occurred after wealthy residents left New York for second homes in Florida and other states that received more favorable treatment in the new tax law.
"It was politically diabolical and also highly effective," Cuomo said. "And if your goal is to help Republican states and hurt Democratic states this is the way to do it."
Cuomo said Trump launched an "economic civil war" by eliminating full state and local tax deductions, which disproportionately impacted New York and other predominantly Democratic states.
Cuomo said he would challenge the tax plan in court on the grounds that it unequally impacts residents of New York, California, New Jersey and Connecticut,
"It literally restructured the economy to help red states at the cost of blue states," Cuomo said.
"What is galling about this is that it's all politics. We're being penalized for being a predominantly Democratic state."
Cuomo also said stock market volatility was among several factors that may have suppressed income-tax revenue in the past two months.
Cuomo chided members of his own party who have called for increases in taxes on the rich. He said the top 1 percent of earners already account for about 46 percent of state income-tax revenue.
"Tax the rich, tax the rich, tax the rich -- and then the rich leave. And then what do you do?" he asked. "It would be the absolute worst thing to do right now. At the same time, you don't have the ability to reduce taxes on the rich because that would just expand the shortfall."
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