Massive new tax hikes and spending on the table in Albany - Bohica

[C3D]

A fountain of new taxes and a 22.6% increase in the state budget, including to provide quite a bit for "undocumented immigrants".

The New York State tax income tax rate will now climb from 8.85% to 11.85%, a 3% increase, plus other surcharges like a 1% boost in capital gains tax.

Add on this a new 18% tax on electricity, cable and other utilities, which will be passed through right to you.

Not that we didn't see this coming, but this is a sure way to chase out any remaining high income persons from New York State.

NY legislature proposes nearly $7 billion in new taxes on wealthy

New York wants to sock it to Wall Street and the wealthy. Both houses of the state legislature have proposed budgets that include nearly $7 billion in new and increased taxes on businesses and the …

nypost.com

 

[Drinkthekoolaid]

We've all been talking about this here. this state is so screwed. It's going to keep driving out more tax payers and the situation will just keep getting worse.


FUNY.

 

[Saltwater60]

Come on I thought electric cars are better than gas because the government taxes gas cars.
Really no surprise as OP mentioned. Pretty funny how we just went through a pandemic and lost Timon’s of jobs and revenue now we punish those that kept their jobs?

Funny story I claim zero at a single rate as does my wife. She has an extra $20 or $40 taken out per pay period and I still owe this damn state. I’m married with two kids. How can this be? I got nearly $5,000 back from the feds but I owe nearly $1,000 to the state? How can this happen?

 

[drowhawk]

Did anyone honestly believe that the tax hikes would have been avoided when we go the money from the fed that Cuomo was asking for?

 

[1075tech]

With the rest of the country paying to bail out NYS, the $12B nearly wiping out this year's deficit, our appointed elite's can continue to spend into oblivion.

 

[Jmac00]

just get me through til September, THEN I'M OUTA HERE, get me through a/c season and Im gone. I already have 5 a/c to install in May. If June and July are this way, Im bailing early.

My deepest sympathies to those of you that are stuck here, in a few years you will be so financially trapped, it maybe impossible for anyone to escape.

 

[Paxal]

I cant even bring myself to read the Post article. It makes me angry just thinking about it. The state gets a bail out, then immediately wants more money. Who are these people? What f’n brain dead planet are they from?

 

[Paxal]

Get on the phone and send those angry letters!

 

[fresch]

Get on the phone and send those angry letters!

To cryin chuckles?

 

[C3D]

And this is why we may regret FUAC leaving. He is the closest thing to a grown up left in Albany.

 

[Apeman]

That math on those tax hikes doesn't even add up to the $16.9 billion budget increase. They're going to tax the shit out of people and still not balance the budget.

 

[togmaster]

We will be paying for FUAC's mistakes for many years to come.

 

[C3D]

I realize my original post is slightly misleading. An increase in the top rate from 8.85% to 11.85% is a 3% increase in rates but works out to a 33% tax hike on the upper bracket. Good luck keeping those people in New York.

 

[Saltwater60]

Did anyone honestly believe that the tax hikes would have been avoided when we go the money from the fed that Cuomo was asking for?

Tax hikes to cover a deficit is way different than increase tax revenue and spending by 22-23%. In my opinion this is worse, way worse.

 

[Saltwater60]

To cryin chuckles?

He’s got nothing to do with the NYS budget. State senators and assemblymen do.

 

[libertysnake]

We've all been talking about this here. this state is so screwed. It's going to keep driving out more tax payers and the situation will just keep getting worse.


FUNY.

My wife is on board with PA. Even if I have to rent, I will get out of this state in a few years.

 

[Saltwater60]

I realize my original post is slightly misleading. An increase in the top rate from 8.85% to 11.85% is a 3% increase in rates but works out to a 33% tax hike on the upper bracket. Good luck keeping those people in New York.

They will leave and it will trickle to us so no worries.

 

[fresch]

He’s got nothing to do with the NYS budget. State senators and assemblymen do.

Like I said, who ya gonna call; the same aholes that voted for it?

 

[Jmac00]

And this is why we may regret FUAC leaving. He is the closest thing to a grown up left in Albany.

not if Astoino runs,

 

[Mr. terzmo]

New taxes!!!! I thought Bidoon bailed all the democraptic $hitties out with billions?

 

[C3D]

not if Astoino runs,

That's a pipe dream. The demographics are such that poor Rob doesn't have a chance. And if by some miracle he does win, the Democratic supermajority in both houses in Albany means that he can't block too much.

 

[Jmac00]

That's a pipe dream. The demographics are such that poor Rob doesn't have a chance. And if by some miracle he does win, the Democratic supermajority in both houses in Albany means that he can't block too much.

well in that case, my action plan will work, no point in staying here. just keep an eye out of the vapor trail when I leave, I'll be moving that fast.

 

[C3D]

well in that case, my action plan will work, no point in staying here. just keep an eye out of the vapor trail when I leave, I'll be moving that fast.

I agree that time is at hand.

 

[Defilade]

Steal that money, Steal that money! It's what Government does best!

 

[Mr. terzmo]

That's a pipe dream. The demographics are such that poor Rob doesn't have a chance. And if by some miracle he does win, the Democratic supermajority in both houses in Albany means that he can't block too much.

The Majority "could" go down along with the furher. He's not the only one up for reelection

 

[C3D]

One other detail, the 18% surcharge will also apply to insurance companies. So that's an 18% bump in your homeowners and auto policies. I wonder how that will work its way through the health insurance market.

 

[MothMan]

I wanna be the guy that turns the lights off.

 

[IrishMick]

Shit, MothMan, At this rate you won't get the chance. It'll be National Grid doing it for lack of payment.

 

[TEOTWAWKI inc.]

Is tax inequality a thing? It has kind of a SJW ring to it.

I cannot wrap my head around why progressive(punitive) income tax brackets make sense to anyone.

 

[Grimscale]

I cannot wrap my head around why progressive(punitive) income tax brackets make sense to anyone.

These idiots can't even understand that THEY will also be taxed higher. Are they financial masochists or just stupid?