smells like voodoo
KHC
12/8/2011 10:28:35 AM
So. Everyone gets an income tax cut, and revenues increase?
Are cigarettes going up to $20 a pack?
Re: smells like voodoo
John Jordan
12/8/2011 11:58:27 AM
Like everything in New York, despite the promise of transparency, this deal that is in the works was the direct result of talks among the Governor and the two top legislative leaders. Many state Assemblymen and Senators didn't know the details until the respective bills were drawn up for consideration.
The devil is in the details, but the restructuring of the tax brackets is expected to bring in nearly $2 billion in additional revenue. How they came to that number has not been explained as yet. They still have another $1.5 billion to bring in to close the projected $3.5 billion gap. I will provide updates when I get more information.
Who cares if cigarettes climb to $20 a pack?
Reserving judgement
Dex
12/8/2011 12:59:23 PM
I like the bipartisanship, but I'm reserving judgement for more details.
Re: Reserving judgement
cat tail
12/8/2011 1:02:42 PM
yes, this seems a bit confusing. But I like the idea of lower taxes, even if it's a few hundred a year.
Re: Reserving judgement
driven
12/8/2011 1:09:55 PM
Hey, I'm just happy to see they aren't killing each other in Albany the way they usually do.
Re: Reserving judgement
Tenacious
12/8/2011 1:12:14 PM
Maybe Cuomo's paramour Sandra Lee from FoodNetwork is keeping them all happy with her semi-homemade goodies, especially those cocktails she seems to fancy serving all day.
Re: smells like voodoo
back2basicz
12/8/2011 1:46:51 PM
John,
I was left shaking my head with disbelief when I saw the numbers in your blog.
How is it possible for Tax revenues to increase if Tax cuts are implemented(and Tax brackets stay the same),unless the economy not just recovers but starts to roar along.But is it possible for a State with a Business environment as non-conducive to business as NY to grow sharply??? It ain't happening with all the obstacles that the State places in the path of business here.
Also,are the bill creators expecting a lot of millionaires,etc who hide their income through tax shelters,etc to suddenly come out in the open and share it with the State(just because level of Tax has dropped a few basis points???)
Otherwise,I dont see how this can happen and share the disbelief of rest of the crowd on this blog.
Regards
Ashish.
I agree with Ashish's comment in that this is the typical smoke-and-mirrors in which politicians promise projected revenue they can possibly know nothing about.
Re: smells like voodoo
back2basicz
12/8/2011 2:42:32 PM
Scott,
Only a politican could conjure up tricks where Projected revenue way out in the future is used for existing commitments or satisfying existing constituents today.
And when that Revenue falls short ( as is extremely common across States today);they go running first to the Federal Govt with begging bowl in hand ,then raise taxes and finally cut all manner of essential services(without attacking the core of the problem-which is excessive entitlements for State govt employees).
Its a typical script,
Just gets repeated again and again.
Ashish.
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