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Politics

Jimmy Patronis Fires Back at Andrew Cuomo, Defends Trump's Tax Cuts

February 7, 2019 - 2:45pm

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.”

Comments

I was born & raised in New York. Upstate is beautiful and useful, and I traveled extensively. As for the city... yes, you can get "anything" there. I tried living there for a short time, but VERY fortunately, found a great job in Denver, the city of my career. The city is basically for those who like ant-farms, congestion, corruption, lack of safety, and extended travel times. As a result, FLORIDA has recently become the third most populous state, replacing New York to #4. It couldn't happen if residents loved it. Trump had Nothing to harm the state - it did it to themselves.

The budget passed by Congress to facilitate President Trump’s tax cuts slashes $1.8 trillion from Medicaid, Medicare and other health services. This will deny health care to the elderly, children and people with disabilities. But Trump and his congressional backers think it would be better to spend $1.5 trillion on a corporate tax-rate cut. The $800-billion cut slated for education, job training and housing programs—among a vast array of other domestic services — will lead to more dropouts, unemployed and homeless. But Trump and his allies would rather use that money (roughly $597 billion worth) to reward real estate tycoons like President Trump and other wealthy business owners with a cut in the top tax rate paid by so-called “pass-through” entities. (When you hear right-wingers calling this a “small-business tax cut,” add it to the list of untruths above). Menus make promises, but the proof of the pudding is in the eating. Trump and his friends can claim their plan is not a massive handout to the wealthy and corporations, paid for by cutting services for working families and increasing middle-class taxes and the deficit. But, unlike the plans author’s, numbers don’t lie.

Proponents call their plan a tax cut for the middle class. Just the opposite. Over 60 percent of the Senate’s tax cuts would flow to the richest 1 percent after 10 years — nearly 40 percent to the top 0.1 percent. The plan’s authors want us to believe that cutting taxes on the rich will create jobs. It won’t. Wealthy people can save whatever they get in tax cuts — they don’t need to spend it like working people do, who create most of the demand in the economy and thereby fuel most job creation. You may have heard that the U.S. corporate tax rate is the world’s highest. The truth is all the loopholes in the tax code means many companies don’t pay the full rate. According to one government study, corporations on average pay less than half the official rate — less than many working families pay. There are dozens of big firms that paid zero federal income taxes for almost an entire decade.

TRUMPS TAX CUTS BENEFIT THE 1%: Abolish the estate tax, which now falls only on those with assets worth more than $5.49 million (double that for couples). Cut the corporate tax from 35 percent to 15 percent. As we have written before, the nonpartisan Congressional Budget Office estimates that 75 percent of the corporate tax burden falls on investors. Abolish the alternative minimum tax, which is designed to ensure that the most wealthy taxpayers pay a minimum tax. Collapse the seven income tax brackets, which range from 10 percent to 39.6 percent, to three (10 percent, 25 percent and 35 percent). In July, the nonpartisan Tax Policy Center estimated the impact of a “Trump-like plan.” Howard Gleckman, a senior fellow at the tax center, wrote that middle-income households (those earning between $50,000 and $86,000) would see an average tax cut of about $1,900 or about 3 percent. But the top 1 percent (those earning more than $732,000) would get an average tax cut of $270,000 or nearly 18 percent, and the top 0.1 percent would see a 20 percent tax cut.

A double-edged sword. Yes, a wonderful boost for the economic policies that have made FL great. But these transfers from heavily-taxed blue states are bringing their blue social beliefs with them. In 2020, 2022 and beyond, that will translate to amendments on the ballot and candidates for office that red voters may not want to see. Similar things are already happening in TX.

As a member of the Conservative Party here in NY I sure as hell won't be bringing any blue beliefs when I have to leave NY State. However I share your concern because the truly stupid never learn from their mistakes.

Deducting city & state income tax from federal income tax was the equivalent of states stealing money from the federal government. That means they were stealing money from all of the states that didn't make those deductions. I'm glad they can no-longer do it. We've NEVER done it in Florida.

Florida is getting really weird. Republicans here cheer for cutting taxes ... and spending more ... and they're even promoting smoking pot!

Kind of like how DemocRATs promote abortion.

So says a RepubliCAN'T!

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