u mean the budget deficit; but , in these 2 years, it did not generate a surplus, versus my eg of a tax increase of the wealthy leading to budget surpluses, awa growing the GDP just the facts, this shows your convenient claim is not support by facts. as borne out by the facts, raising tax on the wealthy is more effectinve, as demonstrated by the Clinton admin, leading to budget surplus while continuing to grow the GDP
I never said anything about creating a surplus. I don't think the federal government should ever have a surplus. That means they are taking so much of the people's money that they couldn't even spend all of it. Reducing spending, all else being equal, reduces the deficit. Raising taxes may or may not reduce the deficit (depending on the effect on economic activity). Sometimes, raising taxes coincides with a boom (see the 90s where Internet commerce began). Reducing spending to zero will 100% result in the elimination of deficits, because you cannot have a deficit without spending. If spending = 0, no revenue value can result in a deficit. Even revenue = 0 would be neutral.
Everything about you makes sense now. What a depressing tale. You live somewhere and work in government while not even loving this nation. This is all you had to say. All your politics makes complete sense now.
publicizing that you don't understanding what a surplus is, just so that you understand, wong again what part of this you don't understand?
New York has been experimenting with that model for the past 5-10 years . . . not going so well so far
@Os Trigonum I don't spend nearly as much time as others on this forum, could you clarify your thoughts on this? Do you have an opinion or just posting articles for the hell of it? Are you concerned?
are you arguing against budget surpluses ? btw, show me an economy with zero spending and i'll show you a DEAD economy, an economic corpse
Yes. Now can you answer my question? Are you in fact arguing that zero spending will result in deficits?
, OT, not all politicians / public servants are alike. some are competent, some are not. the competent ones clinton taxing the rich, leading to budget surplus Obama successfully bailed out the bankrupt finance industry the incompetent ones the NY politicians, to which you referenced, taxing the rich but unable to generate a surplus W failed in his half-assed attempt to bail out the finance industry
related Judge rules in favor of Cuomo’s bid to keep book money, neuter ethics board https://www.nydailynews.com/2023/09...s-bid-to-keep-book-money-neuter-ethics-board/
here New York State Is Set to Raise Taxes on Those Earning Over $1 Million The deal, a sign of Gov. Andrew Cuomo’s weakened influence, would mean wealthy New York City residents would pay the highest combined local tax rate in the nation. April 5, 2021 Gov. Andrew M. Cuomo and New York State legislative leaders were nearing a budget agreement on Monday that would make New York City’s millionaires pay the highest personal income taxes in the nation, a stark result of the pandemic’s economic fallout. For years, Mr. Cuomo resisted such a move, arguing that raising taxes, especially on the wealthy, would drive business out of state. But the coronavirus-related revenue shortfalls — combined with the growing strength of the Legislature’s progressive wing and the governor’s waning influence — created sudden momentum. If enacted, the deal would raise income and corporate taxes to generate an extra $4.3 billion a year and would potentially legalize mobile sports betting to raise an additional $500 million in new tax revenue. Under the proposed new tax rate, the city’s top earners could pay between 13.5 percent to 14.8 percent in state and city taxes, when combined with New York City’s top income tax rate of 3.88 percent — more than the top marginal income tax rate of 13.3 percent in California, currently the highest in the nation. The question of who should pay to help revive the country, still recovering from the pandemic’s devastation of the economy, is percolating across the nation. In Washington, President Biden has proposed 15 years of substantial increases in corporate taxes to help pay for an eight-year, $2 trillion package of infrastructure spending. The president is also expected to propose tax increases on high-earning individuals, a maneuver that many states are also weighing. Lawmakers in California are considering a wealth tax, while Minnesota’s governor has proposed a new top income tax rate in the state. In Washington State, the State Senate last monthnarrowly approved a new 7 percent tax on capital gains of more than $250,000, which Gov. Jay Inslee, a Democrat, has said he supports. In New York, two new personal income tax brackets would be temporarily created: 10.3 percent for income between $5 million and $25 million, and 10.9 percent for income over $25 million, according to preliminary details obtained by The New York Times. The new rates would expire by the end of 2027. The personal income tax rate would increase to 9.65 percent from 8.82 percent for individuals making over $1 million and for joint filers making more than $2 million. Raising taxes on the rich in New York has been a top policy priority of the Democratic Party’s left flank, but Mr. Cuomo, a third-term Democrat who is a fiscal centrist, had long opposed the move. Now, the governor’s influence over the budget — as well as other matters in Albany — has seemed to weaken amid various investigations into sexual harassment allegations and his handling of virus-related deaths involving the state’s nursing homes. Mr. Cuomo was in the awkward position of negotiating with Democratic leaders whose full support he has lost: Andrea Stewart-Cousins, the majority leader in the State Senate, has called on him to resign, while Carl E. Heastie, the speaker of the Assembly, has opened an impeachment investigation into the governor. Democrats, who control the Legislature, entered this year’s negotiations emboldened by the governor’s apparent loss of power, eager to leverage the worst political crisis of Mr. Cuomo’s decade-long tenure to pass a bevy of progressive priorities. Democrats also have veto-proof supermajorities in both houses, increasing their clout. Mr. Cuomo, who expressed some willingness earlier this year to increase taxes in a doomsday plan if Washington didn’t come through with sufficient federal funding, said on Monday that officials were close to finalizing a deal. “We have a conceptual agreement on all issues, I think it is fair to say,” he said in a conference call with reporters. “We’re dotting some i’s, we’re crossing some t’s.” Democrats in the Legislature had initially looked to raise more than $7 billion in new revenue, mostly through even higher tax increases on the rich, but the urgency to raise taxes diminished after Congress approved a stimulus package that gave the state $12.6 billion in direct aid. It was a huge one-time windfall supposed to help cover most of the $15 billion budget gap over the next two years, bailing out the state after the pandemic decimated tax revenues. more. this has been an ongoing issue in NY for years and years.
Okay, so they are increasing taxes for those making over a million, it hasn't happened yet but is set to happen? But you also mention this as an ongoing issue for a decade, so I'm guessing you're saying the taxes have been increasing for those making high incomes for years. What in your opinion is the "issue" with the tax increase here? Do you feel this is negatively impacting the median person or the state as a whole?
sure it affects the whole state, if NYC companies and individuals leave to find a more tax-friendly state, that's less revenue for the entire state--and leads to the next round of soak-the-rich . . . rinse and repeat. I think upstate really does get harmed the more money moves out of Manhattan. And up until recently you've had progressives like AOC chant the mantra of tax the rich--think of her Met Gala gown. It's all pretty short-sighted. New York has seen a population drain of a half million residents in the last five years, many of whom moved in response to high taxes. So again, yes, the average rural upstater loses as well when people leave the state. https://nypost.com/2023/05/18/nyc-l...n-people-since-covid-with-most-heading-south/
