Streams

Two Ways To Be Against The Cuomo Tax Plan

Thursday, December 08, 2011

John Petro, urban affairs policy analyst at the Drum Major Institute, and E.J. McMahon, Tax and Budgetary Studies senior fellow at the Manhattan Institute and director of the Empire Center for New York State Policy, discuss why they think the Cuomo tax plan will hurt city services and benefit the wealthy. 

Guests:

E.J. McMahon and John Petro

Comments [16]

This piece has to do with taxes and tax breaks for businesses but maybe it gives some general insight on the effect of higher taxes

http://pointsandfigures.com/2011/12/12/doing-business-with-the-simpsons/

Dec. 13 2011 06:57 AM
Chuck

your podcast no longer works in itunes.

Dec. 09 2011 10:27 AM

It occurred to me that there might be a differential impact on the overall financial well being of the State depending upon the type of high income earners that chose to move out of or avoid New York. Designate the types as the "already haves" and the "expects to do very well". Which population adds more to the economy? Which is more likely to use State income tax rates as a criteria to select residence? (The requirements of crowd sourcing become more complicated.)

Dec. 08 2011 11:02 AM

@Caren from Rochester

" . . . Golisano left WNY because he was fueding with his town over property taxes . . . . It was not about income tax."

If you want to allege it was about "more" than the state income tax, I suppose you may have a basis for that. Otherwise why not just take Golisano's word for why left? But of course the one story is irrelevant.
How are we going to measure the impact of this tax structure six (6) months or one (1) year from now? What measurement do you want to use? (Maybe someone can come up with some kind of crowd sourced surveillance of millionaire's (and really individuals who have more than $250,000 in yearly income) to see if they move out of state with greater or lesser frequency. :-)

Dec. 08 2011 10:43 AM
David from Brooklyn

EJ McMahon is arguing in bad faith, and always does when on this show. He has no interest in discussing facts, or coming to a consensus--he is promoting a right wing agenda. His style of argument breaks all rules of fairness--covertly calling the person representing "the other side" a liar; switching topics whenever he's about to be out-reasoned; putting words in other people's mouths; creating straw-man-arguments only so he can knock them down. I don't know why he keeps being invited onto this show--can't Lehrer find a more principled person to present conservative arguments?

Dec. 08 2011 10:36 AM
Ben from Manhattan

I'm a high income person (not a millionaire, but easily top 5% in this nation) and I'm sick and tired of all of these compromises that appear to NOT be raising taxes on anyone.

We need to dramatically RAISE taxes and dramatically CUT spending. Anyone with a calculator can see this.

Confiscatory? We are nowhere near confiscatory. Estate taxes should be at 50%. Capital Gains taxes should be level with earned income.

And people advocating all of these semi-legal tax dodges should be treated like people advocating semi-legal ways to produce and sell drugs. They should be in prison.

Dec. 08 2011 10:32 AM
Stella Katz from NYC

This debate isn't only about progressive taxation, it's about the meaning of social democracy. We need an informed social
discourse about the role of the state in the
lives of all Americans, predicated on an
understanding of the larger issues we face
as a society and as individuals. I sound simplistic, but there are basic, pervasive issues that need to be addressed before we can more forward. We're squandering precious time...

Dec. 08 2011 10:28 AM
Caren from Rochester

Tom Golisano left WNY because he was fueding with his town over property taxes and the assessed value of his house. It was not about income tax.

Dec. 08 2011 10:25 AM
Rct from NYC

They're moving? Guess no o e applied to Dalton and Trinity this year.

Dec. 08 2011 10:25 AM
Susan from Morningside Hts.

State business roundtables have signed onto a mantra of "the rich will leave us if we raise taxes." Low tax states such as Florida and Texas have terrible school systems. The rich in suburbs want good schools as much as anyone else.

Dec. 08 2011 10:24 AM
Rct from Nyc

Agree w those who called him a liar. They're slick at MI and massage numbers. Your guest - the good guy - doesn't ave the numbers because One cant anticipate and prepare for lies.

Dec. 08 2011 10:22 AM
Ken from Bronx

Millionaires will leave New York? I wish they would!

If a Millionaire leaves New York, I will take his job -- and I'd gladly do it for only $999K. I will also buy his UES townhouse -- and since he's leaving I'll get it cheap.

Millionaires aren't special. They know that there are many who can do what they do. They're not going to Florida. They're not going anywhere.

Dec. 08 2011 10:22 AM
Brian from Hoboken

NJ has high state taxes, as does CT. So where are these super wealthy people going to move and keep their high paying banking jobs that are centered in NYC (and maybe Greenwich)?
Are these hedge fund guys moving across the border to Allentown PA?! Really?! Please. For every high paid executive in the insurance, finance, banking, hedge fund world, there are hundreds or thousands of well paid people working below them. So you can't just move these jobs because the guys at the top don't like their tax rate because you can't move the hundreds and thousands of other jobs.

Dec. 08 2011 10:22 AM
Rct from Nyc

"their share of taxes has risen"

Because so many middle class people are out of work that their share of taxes has fallen. Also layoffs and lower bonuses re rich have lowered I come short term. The Manhattan Institute makes many misstatements to wit lies re health care bill.

Dec. 08 2011 10:20 AM

Why does Mr. Petro keep changing the subject? Why doesn't the moderator keep him focused?

Dec. 08 2011 10:19 AM
RL

This EJ guy is blowing some big smoke, and no one is calling him on it.

"Looking at different numbers." ???? Such a nice way to say the guy is lying. Please someone call him on this!

Dec. 08 2011 10:16 AM

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