This BLOG On New York To Audit Residents Leaving State To Generate Revenues Was PUBLISHED On March 18th, 2019
New York has one of the country’s highest tax rates. Property taxes, sales taxes, city taxes, county taxes, and income taxes are all higher than any other state in the nation. With the highest tax rates in the country, the state is still broke and on the verge of bankruptcy. Many industry experts think that New York is struggling when the economy is booming. One bad news in the economy or a mini-recession can bankrupt the state. New York is heavily taxing its wealthy residents to cover a $2.3 billion dollar deficit. That is not just what New York is doing. It is also chasing residents out of New York to other lower taxed states. Many first time home buyers are leaving New York to other states with lower taxes.
New York Governor Cuomo Blames State’s Financial Woes On President Trump
As many losers do, they often blame others for their mistakes and mishaps. With the only solution to have New York To Audit Residents for additional revenue, Cuomo did not waste any time in blaming President Trump for the state’s crumbling treasury. Andrew Cuomo blamed The Trump Administration Tax Cuts and Jobs Act for New York’s major financial mess.
New York’s Mastermind Solution
Whether it is Cuomo or one of his underlings who came up with a mastermind solution to use the state’s tax revenue department to recover the loss of tax dollars to go after residents who left New York as a solution to recover its budget deficit seems like a third-grade idea. Many residents who left the state and/or are considering leaving are folks who felt the squeeze due to a reduction in the state and local tax deductions allowed on annual state income tax forms.
New York To Audit Residents Escaping To Other Lower Taxed States
The New York State Department of Taxation and Finance is in a mission New York To Audit Residents leaving the state. Auditors is trying to make sure that high-income earners trying to leave the state will not leave without a full audit. New York To Audit Residents is not their only mission. They want to make sure they find something and are planning in issuing a bill with every state tax audit. The state already conducted over 3,000 out of state residents who already left New York. These are residents who left the state between 2010 to 2018. The state collected $1 billion from these audits. The state collected an average of $144,270 per audited non-resident taxpayer.
Competency Of New York Politicians
We are apolitical. We are not on a politician bashing agenda here. However, it seems that many New York politicians are not experienced and incompetent in running government. Bill de Blasio is more concerned about not eating meat on Monday for New Yorkers. Alexandria Ocasio-Cortez recently blew the opportunity in having Corporate Giant Amazon located its second world headquarters in Queens. Even the mother of Alexandria Ocasio-Cortez left the state of New York to lower taxed state Florida. AOC’s mother stated that she decided to move to red state Florida to live “stress-free” compared to her former tax-burdened life in New York.
Why Is New York On Verge Of Bankruptcy
Many wonder why New York is on the verge of bankruptcy and other states like Florida, Texas, Georgia, and dozens of others are prospering? Basically it is not how much you make but how much you spend. States like Florida, Texas, Nevada has no income taxes and very low cost of living. They are thriving. New York is hurting more than ever. Raising taxes is not the only solution. Cuomo, de Blasio, AOC may be very popular and good in talking to crowds and getting votes but may not be fit to run the state of New York. The ones that can fix this problem with New York are the voters. Vote for people that have experience, understand financial planning, and are competent.
March 18, 2019 - 3 min read