On December 9th, New York Governor Andrew Cuomo said New York state will need to raise taxes for the economic black hole created with his lockdown stipulations.
As of yet, the governor or his staff have stated what taxes would be increased.
It is estimated that the state has lost $13.5 billion this year, according to the state’s budget office.
From The Trends Journal:
Earlier this year, the state legislature passed a $178-billion budget predicated on federal aid legislators assumed would be forthcoming but, so far, has not.
The budget also depends on the state’s personal income tax for about $60 billion in the current and new budget years, before refunds.
The new budget gives the state authority to withhold payments to local governments, schools, and social service agencies if the state does not receive federal aid.
The new state budget will not be altered until federal relief arrives, both Cuomo and Democrats in the state legislature have pledged.
New York is projecting an $8.7-billion deficit in its fiscal year beginning next 1 April. However, that figure could double; next year’s budget assumes the state will find $8 billion in permanent annual savings this year, which has not yet happened, according to David Friedfel, Director of State Studies for the nonpartisan Citizens Budget Committee.
As we have forecast, a key platform of newly-forming political parties will be Anti-tax. For example, with schools closed and learning online, taxpayers will demand sharp decreases in school taxes. Far fewer teachers will be needed, and all costs related to brick-and-mortar school buildings will be substantially lower, thus, taxes should be cut.
Overall, with businesses going bust and tax revenues decreasing, governments will attempt to raise taxes to make up for the shortfall. With people earning less and economically distressed, they will rise up against governments raising taxes.
The political line will be that they are “taxing the rich” while in reality, they will be raising sales taxes, gasoline, liquor, cannabis, cigarettes… and any other taxes they can squeeze from the plantation workers of Slavelandia.
Gerald Celente. Trends Journal
Author Commentary
It should not be a surprise to anyone that Cuomo will be raising taxes. It should not be a surprise that any governor decides to raise taxes.
It is real simple: you cannot shut everyone down and expect everything to be “hunky-dory.” That is, of course, a no-brainer; but there are a LOT of people that have been scared into sucking their thumbs because of media propaganda.
What has been occurring in New York, especially the City, is just insanity. New York City, the city that never sleeps, is desolate. The rich are leaving in droves to avoid the fallout. So much so, Cuomo was telling them to “come back.”
We’ll go to dinner, I’ll buy you a drink, come over I’ll cook’
That was his plea to those that left. With the rich leaving the city, it would naturally begin to hurt the economy there, and are getting out while they still can.
It is easier said then done, but if you live New York City especially, you need to consider getting out as soon as possible. If you thought it was bad there now, you have not seen anything yet.
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