New York Gov. Andrew Cuomo is blaming President Donald Trump’s tax cuts for the Empire State losing revenue and helping move people to states like Florida with healthy tax climates--and state CFO Jimmy Patronis is more than happy to see the Democrat in Albany boost the Sunshine State.
Cuomo weighed in on Trump’s tax cuts this week as he tried to spin why New York was short almost $3 billion in revenue.
“There is no doubt that the budget we put forward is not supported by the revenues. It’s as serious as a heart attack,” Cuomo said, calling Trump’s tax cuts “an economic civil war” which “literally restructured the economy to help red states at the cost of blue states.”
Cuomo insisted “a taxpayer in Florida would see no increase, probably would see a decrease, and Florida also has the advantage of no estate tax.”
“I’d like to thank Gov. Cuomo for admitting to the world what we already know to be true: people spend their money better than government does,” Patronis replied on Wednesday. “Early data show that there has been a surge in home purchases in our state by residents from high-tax states like New York. As a result, Florida had more people moving here in just one year than any other state. We couldn’t be happier to welcome new families to Florida. Thank you, Gov. Cuomo.
“The Trump Tax Cuts and Jobs Act has proven to be a success across the board and has made our state attractive to those looking to leave states that impose income taxes. States like New York and Illinois should look at better ways to increase revenue like cutting spending, instead of placing the burden on already over-taxed constituents,” Patronis added. “I invite Gov. Cuomo to come visit us here in the Sunshine State to understand why so many New Yorkers see Florida as a haven for free enterprise.”