NY Gov Rips Trump Tax Bill: "Let's Pillage The Blue To Give To The Red"

It seems that Trump's tax plan has officially turned New York Governor Andrew Cuomo into a "trickle down" economics guy. 

Apparently unhappy that the new tax legislation will result in higher taxes for the "millionaire, billionaire, private jet owners" of his state who have mortgages over $750,000 and annual property taxes of over $10,000, Cuomo said that the White House's efforts to "spread the wealth around" are nothing more than an effort to "pillage the blue to give to the red." 

"Look, there's always politics in crafting of legislation. But, this was an egregious, obnoxious...what the Senate was saying is because we have no Senators from the 'Blue States' we don't care. So let's pillage the blue to give to the red."

"That's never been done in this nation before. That's partisan politicking over any semblance of good government."

"You want to hurt New York? You want to hurt California? They're the economic engines. How are you going to the grow the economy after your put a dagger in the heart of New York and California? It's all politics all the time."

And, just like that, we've now entered a bizarro world where 'up' is 'down', 'cold' is 'hot' and liberal Democrats no longer want to the wealthy to "pay their fair share". 

Of course, as we've pointed out numerous times of late, the Trump tax bill signed into law last week limits the total deduction taxpayers can take for local, state and property taxes to just $10,000 and caps the interest deduction on mortgages to the first $750,000 of principal.

Not surprisingly, the change will hit wealthy taxpayers in high-tax, high-cost-of-living blue states like New York, New Jersey and California particularly hard as they will lose a significant portion of their itemized deductions.

All of which begs the obvious question: Could it be that the Left's "tax the rich" rhetoric was nothing more than an empty threat designed to draw populist support and win elections???  Say it ain't so....

 

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Comments

Ar15ak47rpg7 SilverRhino Thu, 12/28/2017 - 17:57 Permalink

Ha ha ha ....yes Sir. ... get used to it Dirty Coumo ...that tax bill was simply the opening volley !!!! Ha ha ha...just wait until it becomes a felony to be a government official who declares a geographical area a “sanctuary” ...ha ha ha...you best hope like Heck that you have treated your State Policemen  well as they will be the ONLY thing keeping you from a Federal Jail cell for 25 years !!!...... PRESIDENT TRUMPS GOT PLANS FOR YOU MOTHER FUCKER .... just remember to not drop the soap !!!! Ha ha ha Coumo is going to be Donald Trumps toy!!! Ha ha ha

In reply to by SilverRhino

Chupacabra-322 Blythes Master Thu, 12/28/2017 - 13:31 Permalink

As per Tyler,

 

We have already said this 3 times today:

 

We are currently upgrading our Drupal server software and there may be some glitches in the transition over the next day or two. We are aware of the loss of the comment voting and we are working to restore it shortly. Please bring to our attention any function losses or other glitches during this transition.

-Tyler Durden

In reply to by Blythes Master

swmnguy Stackers Thu, 12/28/2017 - 13:26 Permalink

Except that's the opposite of how Federal dollars really flow.  It's the high-tax "Blue" states which provide a net surplus of tax dollars to the Federal government, and the low-tax "Red" states which receive more net Federal dollars than they pay in. 

Cuomo, for once, is making some sense here.  While it's all jolly partisan fun to stick it to the Blue states, if the Conservatives are correct and you get more of what you subsidize and less of what you tax, this budget plan will further shrink Federal tax income by giving high-rollers in the Blue states incentives to move to Red states.  As usual, in the rush to pas something, anything, time was not taken to think things through.

As resident of a high-tax Blue state, I'm fine with this.  About time the Red states pulled their weight in the first place, and this plan will put that into stark detail.

In reply to by Stackers

bluez Stackers Thu, 12/28/2017 - 15:17 Permalink

This is going to be a hard lesson, especially for Trump. Any time you make a big change to the tax code, you want to be in the deepest wilderness of Brazil when it kicks in. Trump will regret this bigly. The problem is that some will gain and some will lose, but no one (or very very few) will know the consequences ahead of time. You sure as hell would not want to launch such a disaster with your name on it. He must not know much about politics.

In reply to by Stackers

FrankDrakman swmnguy Thu, 12/28/2017 - 13:56 Permalink

This is the type of facile, shallow thinking I've come to expect from Democrats. You really think the guy from Wall Street is going to move to Maine or Vermont? The guy from California is going to move to Wyoming? What kind of work is there for a M&A specialist, or an entertainment big wig in those places? It's just stupid to suggest that this is going to drive people to move.

If you're prepared to spend $2 million plus for a home, putting down $500k, you'll have to add an extra (750,000 x interest rate) into your income. At 3%, that's $22,500. At the new top rate of 37%, that's $8325 in additional tax, or less than $700 a month, less than $200 a week. The poor dear won't be able to afford that second bottle of Chateau Lafite when he has dinner on Saturday night.. I'm sure we're all shedding a tear for him. 

As for SALT, why should the feds forego revenue? It doesn't work that way in Canada - I pay the feds their share of the tax, and I pay the province their share of the tax. I certainly don't get a credit for one against the other. The way it's set up in the US right now, the more the state wastes and expands, the more revenue the feds lose. How is that a recipe for anything but disaster? 

In reply to by swmnguy

null swmnguy Thu, 12/28/2017 - 17:19 Permalink

Not when you take out the $$$ the DNC cabal has been shelling out to their cronies; gonna take 3 years to unwind. But he will fix that Fake surplus too. So much corruption, President Haley may need to wrap it up in 2028.

 

Plus, elections have consequences. Louis L. thinks so.

 

 

In reply to by swmnguy

ElTerco swmnguy Thu, 12/28/2017 - 20:39 Permalink

Here's the data to back up swmnguy:

https://cdn.theatlantic.com/assets/media/img/posts/2014/05/Slide3/96672…

These states pay more federal taxes than they receive back in handouts from the federal government:

Delaware, Minnesota, Illinois, Nebraska,
Ohio, Kansas, New York, Colorado, Utah,
New Jersey, Oklahoma, Wyoming, Massachusetts, and California

As a result of the tax reform bill, most of these states will be paying even more to the federal welfare states not on this list.

In reply to by swmnguy

bluez CuttingEdge Thu, 12/28/2017 - 15:38 Permalink

I have absolutly zero patience. One screw-up and I quit. /s

(You can bet that some software rockstar is getting $3,000 an hour right now.)

(Now that I think about it, this was probably a bad mistake. Why didn't they test it out first on some obscure nameless website?)

(I think that half the Tylers are probably women. Maybe all. Nobody has any clue who they actually are. Doesn't that scare you?)

In reply to by CuttingEdge

junction sowhat1929 Thu, 12/28/2017 - 13:08 Permalink

Cuomo is a career criminal.  He got his current job after then Acting U.S. Attorney Michael Garcia force former Governor Spitzer from office with a threatened prosecution based on illegal wiretaps and pimping the services of escort Alexandre Dupre.  In April 2008, Dupre got her payoff, her brother walked on drug charges, after earlier being caught selling drugs near a New Jersey school while on probation.  Garcia got his payoff for getting rid of Spitzer this year, Cuomo appointed him to the State Court of Appeals, no judicial experience needed.

In reply to by sowhat1929

wisebastard Thu, 12/28/2017 - 12:55 Permalink

thats exactly what the ACA did, so now the left is going to try and cover up their fraud and accuse the right of doing what they are actually doing.