Governor Cuomo Blames Budget Shortfall on Tax Changes

Governor Andrew Cuomo says New York State is experiencing a $2.3 billion budget shortfall and he blames federal tax changes.

“The collections are down to about 30% of the target. That is about a $2.3 billion drop in revenues. $2.3 billion as a drop at this point in revenues is as serious as a heart attack,” Cuomo said.

The changes limit local tax deductions to $10,000, which impacts New Yorkers more than residents of other states.

“New York is the largest percentage of taxpayers getting a tax hike of any state. New York State has the largest percentage of taxpayers getting a tax increase of any state. That, my friends, is a damning statement,” Cuomo said.

He said that change is causing many wealthy New Yorkers to flee the state.That’s caused state revenue to plummet.

“SALT was an economic civil war. It literally restructured the economy to help red states at the cost of blue states. That's exactly what it did. It was a diabolical, political maneuver,” Cuomo said.

Photo Credit: Getty Images

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