Cuomo proposal would raise top tax rate for New York City

[jhwkr542]

The problem is that increasing taxes does not decrease debt either.

Obama let the Bush era tax cuts expire in 2013. Kinda looks like the deficit was decreasing after, no? Or the inverse is that the tax cuts during Bush and Trump increased the deficit. Clinton also raised taxes. This just seems like an odd statement to me.

[dennis]

Is there any evidence that decreasing taxes actually decreases govt spending ?— this may be true on a personal level but it is not true for the govt. I can find very few examples of politicians who have actually decreased the debt — the nearest I can find to someone who managed to minimize debt seems to be Bill Clinton. It seems like tax cuts only increase debt — so why are we favoring politicians who cut our taxes but put us further in debt? That does not sound like a good long term strategy for our country.

January 8, 1835 was the last time the US was debt free when Andy Jackson paid it down. It apparently precipitated a financial crisis.

[JBME]

Obama let the Bush era tax cuts expire in 2013. .

this is really not true. Obama only let the bush tax cuts expire on the top rate or the two top rates. And who negotiated that deal? Joe Biden

[East coast]

Aren’t most of the Wall Street rich folks paid in such a way that they are taxed at the capital gains level, and not income tax? Pay themselves $200k and the rest of their pay is a distribution? I’d have to look it up but thought I’d read that previously, and it would explain why you never hear much complaining from the Wall Street folks about increased income tax rates in NY.

depends on “rich” I suppose, but this is most definitely not the case. If you are talking hedge fund owners, sure, but those folks number in like the hundreds, if we’re talking the hundreds of thousands of ‘high earners’ in finance making $200k-1m+ a yr, it’s salary + variable bonus and all taxed w2-like.

historically, the difference is that it’s NYC for the job or nothing since the jobs are all there (this is changing), hence less complaining- you can just live outside the city and commute to skip the city tax (no longer a commuter tax).

[East coast]

Obama let the Bush era tax cuts expire in 2013. Kinda looks like the deficit was decreasing after, no? Or the inverse is that the tax cuts during Bush and Trump increased the deficit. Clinton also raised taxes. This just seems like an odd statement to me.

Yea, that comment (kambans) is so unequivocally false that it’s kinda funny

[Kamban]

Yea, that comment (kambans) is so unequivocally false that it’s kinda funny

And I also kind it find funny that you believe that raising taxes with the House, Senate and POTUS controlled by one party and having a sizable portion with liberal leaning members who want to spend and soak the rich will somehow bring down the debt.

[Hatton]

Bill Clinton raised my taxes back in the 90s. The deficit was reduced due to the dot.com gain in productivity and market rally.

[Random1]

States have to find a way of fixing their problems, through taxation or decreased spending or just an infusion from the fed , which NY is asking for. Federal governments dont have to balance budgets or even pretend , because cash is unlimited and essentially free by judging treasury rates. Everything works as long as someone is buying the treasuries. Since foreigners dont want to any longer and individuals dont want to , the only person who will by them is the government. Charles Ponzi would have been proud.