PJM: Governor Andrew Cuomo really hates it when people leave New York, mostly because he can’t tax the heck out of them to pay for his progressive pet projects. Now he worries some of the wealthiest residents will never return to New York City. His concern is probably well-founded.
A little over a year ago, Cuomo was blaming Florida for wealthy residents fleeing his state. Darn that Florida weather and low tax rate. Because of the cap on the SALT deduction, wealthy residents who could afford it left for lower state and property taxes. Even President Trump changed his residence for tax purposes. The projected budget shortfall, as a result, was $2.3 billion. MORE