Cuomo begs rich New Yorkers to leave Hamptons, return to NYC: ‘Come over, I’ll cook!’

[Highmark]

 Come on man just tax the rich more.   That's all it takes to balance a budget.    

https://nypost.com/2020/08/05/cuomo-wealthy-residents-should-leave-hamptons-return-to-nyc/

ALBANY — Gov. Andrew Cuomo has been begging rich people to return to New York City from their second-home retreats so they can pay taxes to help offset the state’s growing coronavirus-related revenue shortfall.

“I literally talk to people all day long who are now in their Hamptons house who also lived here, or in their Hudson Valley house, or in their Connecticut weekend house, and I say, ‘You got to come back! We’ll go to dinner! I’ll buy you a drink! Come over, I’ll cook!’” the Democratic governor said Monday.

“They’re not coming back right now. And you know what else they’re thinking? ‘If I stay there, I’ll pay a lower income tax,’ because they don’t pay the New York City surcharge,” he added, noting the wealthiest 1 percent of the Empire State’s population picks up roughly 50 percent of the state’s tax burden.

The plea comes amid dimming hopes that the federal government’s next COVID-19 relief package will contain any additional aid for struggling state and local governments.

If additional dollars don’t come to New York on top of waning revenue streams, Cuomo and other state officials have said the hit could translate to 20 percent cuts to health, education and local governments’ annual budget.

Meanwhile, Cuomo has said he’s not keen on raising taxes for the wealthy, adding it wouldn’t be enough to cover the state’s growing deficit — pegged at around $30 billion over the next two years.

But he’s at odds with leaders in the state Legislature — particularly state Senate Majority Leader Andrea Stewart-Cousins (D-Westchester) and Assembly Speaker Carl Heastie (D-The Bronx), who last week diverged from Cuomo, arguing that raising taxes on New York’s wealthiest is something they would consider and support.

The Democrat-run Legislature has been working on an alternative fiscal package over the last several weeks, in case Washington doesn’t come through.

“They have to deliver. We have federal representatives, we have senators and we have congresspeople. We pay them to pass a piece of legislation that’s going to help New York. And it’s simple, if the federal legislature is not going to help New York, you know what I say to them? ‘Don’t pass it! It can’t pass without you! Don’t pass a piece of legislation that doesn’t restore New York’s funds,’” the third-term Democrat continued Monday in a pointed jab at New York’s federal delegation.

“If you pass a piece of legislation that requires New York to raise taxes, raise a millionaires’ tax in this environment in New York City, where we’re struggling … We used to be worried [with a] millionaires’ tax, people might leave,” he continued.

“No. The burden shifted. We’re trying to get people to come back. We’re trying to get them to come back. Covid’s under control.”

“We’re going to make progress helping the homeless. We’re going to clean up the graffiti. We’re going to fix crime. On top of that, you’re going to say, ‘And by the way, when you come back, you get a big tax increase,’” he added.

The dire picture is only compounded as the unemployment rate in the five boroughs hovers at 18 percent, over 80 percent of restaurants cannot meet monthly rent obligations and thousands could face eviction notices from landlords within the next couple months.

 

 

Edited August 6, 2020 by Highmark

[Rod]

This can’t be true. I was told by the alt left here that rich people love paying more tax 

[Angry ginger]

NY and Cali both try to chase their wealthiest away but prior to this year really didn't suceed in huge numbers. Prior to covid  many thought they needed to be there to make bank.  Covid may permanently change all that which would be awesome.   There needs to be a wakeup call in that you can't just fuck the wealthy constantly.  

[Guest]

I was talking to my old friend about a week ago. They sold out in NH a few years, moved to Pine Island.

He was saying that if Biden gets in we will most likely see a WEALTH TAX. 

We will be taxed on what we have in the bank, stock accounts, etc. !!!!

Fukkin bastards. Fucking dem bastards. Hey, somebody has to pay for those black babies, might as well be me. 

[Angry ginger]

13 minutes ago, Polaris 550 said:

I was talking to my old friend about a week ago. They sold out in NH a few years, moved to Pine Island.

He was saying that if Biden gets in we will most likely see a WEALTH TAX. 

We will be taxed on what we have in the bank, stock accounts, etc. !!!!

Fukkin bastards. Fucking dem bastards. Hey, somebody has to pay for those black babies, might as well be me. 

wealth tax for those with large net worths is not unfair.  Don't worry your hundred dollar net worth isn't going to be taxed nor is my millions   

[ArcticCrusher]

15 minutes ago, Angry ginger said:

wealth tax for those with large net worths is not unfair.  Don't worry your hundred dollar net worth isn't going to be taxed nor is my millions   

That's what you think.  To many Americans you are very rich.

[Highmark]

6 minutes ago, Angry ginger said:

wealth tax for those with large net worths is not unfair.  Don't worry your hundred dollar net worth isn't going to be taxed nor is my millions   

   Not only unfair but likely unconstitutional. 

[Highmark]

12 minutes ago, ArcticCrusher said:

That's what you think.  To many Americans you are very rich.

They always seem to draw the line just above themselves.    

[Rod]

5 minutes ago, Highmark said:

They always seem to draw the line just above themselves.    

Yup. They’re against the 1% until they find out that globally they’re in the 1%

[Guest]

44 minutes ago, Angry ginger said:

wealth tax for those with large net worths is not unfair.  Don't worry your hundred dollar net worth isn't going to be taxed nor is my millions   

I could buy and sell you, Carrottop. 

[Angry ginger]

2 minutes ago, Polaris 550 said:

I could buy and sell you, Carrottop. 

I cost a lot,  you have little sorry about your luck   

[Angry ginger]

31 minutes ago, ArcticCrusher said:

That's what you think.  To many Americans you are very rich.

we need to tax the 1%ers wealth.  Unfortunately I'm only in the top 5%

 

 

[ArcticCrusher]

1 minute ago, Angry ginger said:

we need to tax the 1%ers wealth.  Unfortunately I'm only in the top 5%

 

 

No.  How long before that's not enough and now the top 10% becomes the target?

You need to live within your means.

[Angry ginger]

Just now, ArcticCrusher said:

No.  How long before that's not enough and now the top 10% becomes the target?

You need to live within your means.

someday we need to actually pay off our debt to do that.  Just paying the interest expense and rolling over the principal isn't going to do that.  Targeted wealth taxation legally obligated to pay off the debt principal I would have no issue with.   Increasing income tax buckets and dividing income tax into 2 amounts one to operating one to debt reduction I would be OK with as well.   these rich fuckers give it away supporting third world countries when we can better use their wealth to support america.

 

 

 

 

 

[ArcticCrusher]

2 minutes ago, Angry ginger said:

someday we need to actually pay off our debt to do that.  Just paying the interest expense and rolling over the principal isn't going to do that.  Targeted wealth taxation legally obligated to pay off the debt principal I would have no issue with.   Increasing income tax buckets and dividing income tax into 2 amounts one to operating one to debt reduction I would be OK with as well.   these rich fuckers give it away supporting third world countries when we can better use their wealth to support america.

 

 

 

 

 

No, It always starts that way righteousness.

 

Cut back and live within your means

[Guest]

24 minutes ago, Angry ginger said:

I cost a lot,  you have little sorry about your luck   

How much you wanna' bet?

[Highmark]

38 minutes ago, Angry ginger said:

someday we need to actually pay off our debt to do that.  Just paying the interest expense and rolling over the principal isn't going to do that.  Targeted wealth taxation legally obligated to pay off the debt principal I would have no issue with.   Increasing income tax buckets and dividing income tax into 2 amounts one to operating one to debt reduction I would be OK with as well.   these rich fuckers give it away supporting third world countries when we can better use their wealth to support america.

 

 

 

 

 

You don't actually think we will pay off $21+ trillion in debt do you?     

You are so naive its almost cute.   Total wealth of the 400 richest in the US is under $3 trillion and most of that is in things other than cash.   Tax them at 5% of TNW and you come up with.......$150 billion or 7% of the ND.    Not to mention what its negative consequences on economic activity are.  

We need a balanced budget amendment with reasonable tax collection based off GDP.  

Always love how more taxes is always the solution over less spending. 

Bottom end of 1% net worth holders in the US is about $10 million.  How much would you like to tax them?   Say its 1%.   That's $100K.   You don't think that $100K going to pay off govt debt isn't going to hurt economic activity?    Say they don't have the cash and have to sell assets.   Great those assets might just go to someone much wealthier.   Great plan.    

Edited August 6, 2020 by Highmark

[Angry ginger]

17 minutes ago, Highmark said:

You don't actually think we will pay off $21+ trillion in debt do you?     

You are so naive its almost cute.   Total wealth of the 400 richest in the US is under $3 trillion and most of that is in things other than cash.   

We need a balanced budget amendment with reasonable tax collection based off GDP.  

Always love how more taxes is always the solution over less spending. 

Bottom end of 1% net worth holders in the US is about $10 million.  How much would you like to tax them?   Say its 1%.   That's $100K.   You don't think that $100K going to pay off govt debt isn't going to hurt economic activity?    Say they don't have the cash and have to sell assets.   Great those assets might just go to someone much wealthier.   Great plan.    

Agreed we need a balanced budget.  We should bring Clinton and Gingrich back as they were the only ones who got that. 

 

As far as wealth tax goes if you collect that 1% every year off the wealth of the top 1% and your knocking away a significant amount combined with a balance budget.  It's estimated the combined wealth is 25 trillion.  that would be 250 billion a year off the principal.  Right now they duck paying taxes by not taking distributions or taking them as cap gains.  Tax the wealth and they will truly pay their share.  Right now the most overtaxed are the guys making 500k to a million in regualr earnings.  net worth of that group is typically under 10 million.  As that debt principal comes down debt service comes down as well helping balance the budged.  Sure your only paying off a trillion every say 5 years,  thats a hell of a lot better than what we are doing now adding a trillion more to it.      

[ArcticCrusher]

34 minutes ago, Highmark said:

You don't actually think we will pay off $21+ trillion in debt do you?     

You are so naive its almost cute.   Total wealth of the 400 richest in the US is under $3 trillion and most of that is in things other than cash.   Tax them at 5% of TNW and you come up with.......$150 billion or 7% of the ND.    Not to mention what its negative consequences on economic activity are.  

We need a balanced budget amendment with reasonable tax collection based off GDP.  

Always love how more taxes is always the solution over less spending. 

Bottom end of 1% net worth holders in the US is about $10 million.  How much would you like to tax them?   Say its 1%.   That's $100K.   You don't think that $100K going to pay off govt debt isn't going to hurt economic activity?    Say they don't have the cash and have to sell assets.   Great those assets might just go to someone much wealthier.   Great plan.    

How long before that threshold gets moved to 1 million and then less.

It's such a bad idea I surprised to hear it from AG.  If you are going to tax to pay off debt, everyone has to have skin in the game.

[Highmark]

1 minute ago, Angry ginger said:

Agreed we need a balanced budget.  We should bring Clinton and Gingrich back as they were the only ones who got that. 

 

As far as wealth tax goes if you collect that 1% every year off the wealth of the top 1% and your knocking away a significant amount combined with a balance budget.  It's estimated the combined wealth is 25 trillion.  that would be 250 billion a year off the principal.  Right now they duck paying taxes by not taking distributions or taking them as cap gains.  Tax the wealth and they will truly pay their share.  Right now the most overtaxed are the guys making 500k to a million in regualr earnings.  net worth of that group is typically under 10 million.  As that debt principal comes down debt service comes down as well helping balance the budged.  Sure your only paying off a trillion every say 5 years,  thats a hell of a lot better than what we are doing now adding a trillion more to it.      

Just not that simple.   Extraordinarily difficult to fairly assess net worth every year.   That would cause huge issues.  Only people to benefit from that would be tax attorney's and accountants.   I'm sure they would love it.

Whatever route the US takes it must start with a reasonable BBA.   It can't be open ended and must have strict ceilings on how much the govt can tax.

If we can cut spending and balance the budget while growing the economy at 3% annually that should be the main focus.

You know as well as I do neither a BBA or taxes that actually pay down the debt is even remotely possible in this country.  

Part of Clinton getting close to balancing the budget was significant reductions in CG's taxes.   Almost the direct opposite of a wealth tax.   

[Highmark]

4 minutes ago, ArcticCrusher said:

How long before that threshold gets moved to 1 million and then less.

It's such a bad idea I surprised to hear it from AG.  If you are going to tax to pay off debt, everyone has to have skin in the game.

A wealth tax is a fancy Capital Gains tax and they are economy killers.   Nothing more...nothing less. 

I'm not opposed to a reasonable AMT or minimum tax for those that hid behind capital gains as their only income. 

Edited August 6, 2020 by Highmark

[Angry ginger]

6 minutes ago, ArcticCrusher said:

 

It's such a bad idea I surprised to hear it from AG.  

i am a believer that everyone needs to pay their share and a graduated income tax is and never has been fair to all so we need to look at different methods.  A legitimate conversation should be held over wealth taxes along with other options like increased capital gain and dividend taxes for those using those methods to avoid the current income taxation.  

While I am a believer that the sky should be unlimited in what wealth one can achieve ducking paying your fair share as part of that needs to stop.  Look at a guy like Elon Musk-  worth billions yet pays income tax on $23,000 salary plus whatever he feels like by selling off stocks @15%.   Meanwhile regular Joe can be paying 35% on some of his earnings.  

 

 

[ArcticCrusher]

2 minutes ago, Angry ginger said:

i am a believer that everyone needs to pay their share and a graduated income tax is and never has been fair to all so we need to look at different methods.  A legitimate conversation should be held over wealth taxes along with other options like increased capital gain and dividend taxes for those using those methods to avoid the current income taxation.  

While I am a believer that the sky should be unlimited in what wealth one can achieve ducking paying your fair share as part of that needs to stop.  Look at a guy like Elon Musk-  worth billions yet pays income tax on $23,000 salary plus whatever he feels like by selling off stocks @15%.   Meanwhile regular Joe can be paying 35% on some of his earnings.  

 

 

Sure but they will need to increase the gains/dividend taxes for everyone to be fair.

[Highmark]

7 minutes ago, Angry ginger said:

i am a believer that everyone needs to pay their share and a graduated income tax is and never has been fair to all so we need to look at different methods.  A legitimate conversation should be held over wealth taxes along with other options like increased capital gain and dividend taxes for those using those methods to avoid the current income taxation.  

While I am a believer that the sky should be unlimited in what wealth one can achieve ducking paying your fair share as part of that needs to stop.  Look at a guy like Elon Musk-  worth billions yet pays income tax on $23,000 salary plus whatever he feels like by selling off stocks @15%.   Meanwhile regular Joe can be paying 35% on some of his earnings.  

 

 

Not saying that some people don't pay lower rates thru certain methods but your example isn't exactly accurate.

Musk owns 19% of Tesla so 19% of their income tax is really his.  If Tesla was an S-Corp they would simply be filed on his returns.   Well Elon might not make a great example because Tesla rarely makes money.   

There have been some good articles debunking Buffett's claim that his secretary pays a higher rate detailing this exact same thing.

 

[The One]

3 hours ago, Polaris 550 said:

I could buy and sell you, Carrottop. 

Not a chance !!!