That’s Rich: NY 2 Cut Taxes On Its Rich

As more residents flee New York & threaten state tax coffers, more of its heretofore “tax the wealthy” pols are finally changing their tune & becoming tax cutting advocates & "no mo lockdown" mandaters. Huh?

In its op ed “Now New York Democrats Tell Us,” the WSJ editorial board can’t help but call out the state pols who “finally have second thoughts on taxing the rich – a little late.” As the editors lamented as if Marley’s Ghost: “’Tis the season for epiphanies, and what do you know? It’s finally dawning on some New York democrats (including Gov Hochul and NYC Mayor Adams) that the state’s steep income tax rates are driving away top earners who fund essential public services (i.e, the 20% pay over 50% of the state’s income tax revenue).” So, too, allegedly are the Covid lockdown policies adhered to for arguably too long a period, says the paper.

Bemoaned the op ed ala Scrooge’s spiritual messenger: “If only this wisdom had visited Democrats in Albany before they raised taxes last spring.” In fact, according to IRS data, NY County alone lost $14.5 billion in adjusted gross income from out-migration between 2019 and 2020 … and that was before Dems in Albany last spring raised income taxes on those making more than $1 million so that the combined state & NYC top rate jumped from 127% to 14.8% (and of course that is on top of the federal tax rate).

Davd Soul