Via CNBC
The cat-and-mouse game between state tax collectors and wealthy New Yorkers who are moving to Florida has reached new levels — and gone high tech.
New federal tax laws limiting the deduction of state and local income taxes have created incentives for wealthy New Yorkers to move to Florida or other lower-tax states. New York Gov. Andrew Cuomo last month blamed wealth flight for the state’s $2.3 billion revenue shortfall in December and January.
“Tax the rich, tax the rich, tax the rich,” he said. “We did. Now, God forbid, the rich leave.”
Ya think, asshole?
More than half of those who were audited lost their cases, and the average collected by New York State between 2015 and 2017 was $144,270 per audit, Monaeo said. In addition to the traditional audit methods the state uses to make sure a taxpayer isn’t gaming the system — like checking taxpayer’s credit card bills and travel schedules — New York officials are using a whole new set of high-tech tools, including tracking cellphone records, social media feeds, and veterinary and dentist records. Auditors are even conducting in-home inspections to look inside taxpayers’ refrigerators.
“If you’re a high earner in New York and you move to Florida, your chances of a residency audit are 100 percent,” said Barry Horowitz, a partner at the WithumSmith+Brown accounting firm. “New York has always been aggressive. But it’s getting worse.”
Cuomo’s tax nazis are invading people’s privacy and homes to intimidate them in an attempt to coerce them into staying.
Gov. Andrew Cuomo recently complained that the cap on the SALT (state and local tax) deduction is causing people to flee New York. That’s like a recent college graduate complaining that his parents’ decision to cut off his monthly allowance has forced him to get a job and face a budget.
It’s not the new SALT cap causing New Yorkers to flee. Even before the Tax Cuts and Jobs Act limited the SALT deduction to $10,000, 1.9 million more people moved out of New York than into it from 2005 to 2016. Rather, if anything, it would be the state’s high taxes.
At $6,993 per taxpayer, New York’s state-and-local-tax burden is 58 percent, or $2,573, higher than the average burden across the United States.
……Consider: While New York has a top personal-income-tax rate of 12.7 percent, places such as Texas and Florida boast 0 percent rates — no personal income tax at all.
It’s no wonder that New York ranked worst in net inflow of income, according to the most recent Rich States Poor States Report. For every $1 of income residents leaving the state took with them from 1997 to 2016, incoming residents brought in only 71 cents. In comparison, every $1 that left Florida was offset by $1.75.
Those outflows stem from both people and businesses leaving the state. According to the American Legislative Exchange Council, New York’s top combined state and local business tax rate of 17.2 percent is the worst in the nation.
The main way New York has been able to attract businesses that offer jobs is through selective tax breaks to big businesses. Americans — employers and employees alike — want places that offer freedom and opportunity for all instead of favoritism for a select few.
As more and more people and companies leave New York, the state will have to reach even deeper into remaining taxpayers’ pockets to fund its bloated government. And that will only exacerbate the exodus.
From the ObamaCare taxes to the oppressive taxes in Dem dominated states like New York and California, people are fed up. Instead of gouging working taxpayers and successful business owners to float their bloated welfare system and illegal alien population, they should be embracing President Trump’s tax reform, and putting it into practice.
The Democrats have controlled America’s major urban areas for almost half a century. Everything they touch turns to shit.
Related posts:
Related articles:
https://nypost.com/2019/02/08/new-tax-law-only-gives-high-tax-states-what-they-deserve/
https://thefederalistpapers.org/us/businesses-flee-nyc-while-the-mayor-calls-for-more-boycotts
New York has company; check the falling populations of Illinois and California as well. The only problem is that the people fleeing these socialistic cesspools because of the way they have been and are being mis-managed put down roots in fine conservative states then promptly begin voting for exactly the same policies they fled.
One can only say “Whiskey Tango Foxtrot?”