New Yorkers can be forgiven for thinking Gov. Cuomo and his fellow progressives want them to leave the state.
After all, DC’s tax reforms will make New York’s nation-high tax burden sting all the more. But Cuomo, Mayor de Blasio and assorted pro-union and progressive groups are pushing to raise taxes even higher.
Meanwhile, as The Post’s Carl Campanile reported Monday, low-tax Florida is ready to pounce. The Sunshine State is “actively poaching” businesses and residents from New York, says Kathryn Wylde, of the city’s top business group, the New York City Partnership. The group just completed a study of the tax reform’s impact.And changing one’s residence from New York to Florida, adds Wylde, is “easy.”
Economic-development officials in Florida admit they’re eager to steal wealthy residents and businesses from New York: “The new Trump tax law is helping with our recruiting,” brags Kelly Smallridge, of Palm Beach County’s Business Board. “New York is taxing the rich,” but “Palm Beach is rolling out the red carpet.”
Under the new law, taxpayers can’t write off more than $10,000 in state and local taxes — meaning they’ll feel more of the pain from New York’s tax bite. Yet Florida has no income tax at all.
Wealthy New Yorkers, who stand to lose the most, might be most tempted to head south. But losing them would deal a heavy blow to New York: The top 1 percent of earners alone cough up nearly half of the city’s tax revenue, notes the study.
New York can’t afford to lose these folks — or businesses that are here. Yet Cuomo’s budget calls for $1 billion in new taxes that primarily target firms; de Blasio was in Albany Monday begging for another millionaires tax (on top of one already in effect); and various union and progressive groups are pushing a $16 billion package of hikes.
Republican spokeswoman Jessica Proud notes the irony: The left wants maximum tax revenue for its pricey programs, but if tax hikes push wealthy taxpayers to flee, soon there’ll be “no tax base left” to tax.