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Cuomo proposal would raise top tax rate for New York City

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  • Random1
    replied
    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.

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

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  • Kamban
    replied
    Originally posted by East coast View Post
    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.

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  • East coast
    replied
    Originally posted by jhwkr542 View Post

    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

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  • East coast
    replied
    Originally posted by Eye3md View Post
    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).

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  • JBME
    replied
    Originally posted by jhwkr542 View Post

    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

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  • dennis
    replied
    Originally posted by Dusn View Post
    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.

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  • jhwkr542
    replied
    Originally posted by Kamban View Post

    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.
    Attached Files

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  • Kamban
    replied
    Originally posted by Dusn View Post
    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.
    The problem is that increasing taxes does not decrease debt either. All it does is increase more wasteful spending that increases debt. More pork pensions. Higher and higher salaries with early retirement and higher income from pension than while working. More healthcare and schooling for illegal ... opps ... undocumented people. So if the debt is going to increase anyway, cut the taxes so that it saves us. And let us all please stop with this blather about saddling our grandchildren with debt. Neither side cares.


    I am OK if we passes a law that any amount collected by increase in taxes will go only to decreasing debt, and nothing else, with strict monitoring.. Bet Cuomo would not be in favor of that. I agree, Bill Clinton was the last best financially savvy president. Strictly from a financial viewpoint, if he had a chance to stand last year for POTUS ( I know law does not allow it) I would have voted for him with no second thought.

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  • Tim
    replied
    revenue + loan proceeds - investments - loan payoffs + payoffs of past investments = spending
    You are looking at two components , net change in debt.
    Decreases in taxes are intended to increase private sector activity and future tax revenues). Different analysis.
    Government spending reduction is very hard to achieve. Budget cuts are about the only way , life style inflation is a disease in government and private sectors.

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  • Dusn
    replied
    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.

    Leave a comment:


  • Tim
    replied
    Originally posted by Eye3md View Post
    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.
    This is a very important point.
    • Social Security and Medicare are taxed on income.
    • Federal Income Taxes are taxed on income.
    • States can tax on income.
    Tax policy is used for incentivizing behavior .

    The definition of income and the definition of deductions are not consistent at the federal, state and local levels. Special interests want to avoid and delay taxes. All income is not even reportable. The devil is in the details, everyone’s their exclusions and deductions and to pay the least tax as required.
    Start messing with the definition of any tax and you start a political war. Make a law!



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  • MPMD
    replied
    Originally posted by dennis View Post
    No worries for the big blue cities. Pelosi and the gang are going to give them bail out money put up by the rest of us. That's why it matters to the rest of us what goes on in these liberal monetary sinkholes. The rest of the country is going to be propping them up so they can continue their profligate ways and bloating the pensions of their supporters.
    you should spend some time researching where tax dollars actually are spent.

    see what i mean though? that absolute hatred of -- and obsession with -- cities, it's a sickness.

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  • Cubicle
    replied
    I schooled in New York City. And before they I already didn't want to ever live there. I'll only go if someone else is footing the bill & giving me a generous bribe to live there.

    I care about what goes on there because it will eventually affect me. Not caring would be nice, but then...

    ​​​​Why do people care about migrants welfare, asylum seekers, illegal immigration? I'm not at the border & I was born down the street.

    Who do people care about the uninsured? I have insurance.

    Why do people care about others dying from covid? I survived.

    Why do I care about drug prices? My meds are cheap generic.

    Why is this country giving money to other countries? We aren't there.

    Raising taxes to cover spending is upping insulin because you just need to eat chocolate cake more & more. Yeah you can for a short while. But that's not addressing the problem.

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  • Jack_Sparrow
    replied
    I haven’t done the math, but I assume these tax cuts will go hand in hand with salt deduction. So increase state tax 2% and salt deduction gives folks a 3% tax break. New York wins, federal government prints more money. All seems like it will work out until re-election in 2 years.

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