OpEd: New tax law only gives high-tax states what they deserve
As the most reliable and balanced news aggregation service on the internet, DML News offers the following Op-Ed written by Rachel Greszler and published by NYPost.com:
Gov. 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, New York’s population fell by 1.9 million from 2005 to 2016. Rather, if anything, it would be the state’s high taxes.
The article goes on to state the following:
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.
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.
To get more information about this article, please visit NYPost.com. To weigh in, leave a comment below.
DML News offered you the above information as part of our ongoing effort to educate and inform people around the world. You can obtain additional information by visiting NYPost.com
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