Covert Socialist Kathy Hochul to Overt Socialist Zohran Mamdani: You Don't Have a Tax Revenue Problem, You Have a Spending Problem.

Hochul to NYC: Drop Dead, says Hadrian.

I wonder if this makes the Democrat Governess Hochul a racisty racist who hates children and The Science (TM) because she's racist. I figure... no, she isn't a racisty racist. Democrats are allowed to object to back-breaking spending. Only Republicans are racist for doing so, because they Hate the Blacks.

Zohran Mamdani is executing his big new socialist plan.

Have you heard this one before? His plan is to spend other people's money until he runs out of other people's money, and then to start spending other other people's money. It's gotta work this time, right? The law of averages says it must.

So he's run out of money, just three months into his term of four years, and is demanding that Governess Granny Hochul rewrite the law to impose new taxes on his citizen-slaves.

And she actually told him to stop spending money he doesn't have and otherwise get bent.

NYC Mayor Mamdani's latest pitch to tax the rich "not happening," Gov. Kathy Hochul says

The budget battle between New York City and New York state lawmakers is intensifying.

New York City Mayor Zohran Mamdani and City Council Speaker Julie Menin are calling for a new way to tax the rich. They want the state to reduce something called the Pass-Through Equity Tax credit, aka PTET.

...

Menin joined the mayor in calling for the new revenue stream, which could mean another $1 billion to help close the city's budget gap.

Gov. Kathy Hochul slammed the door on their proposal.

"That's not happening," Hochul said. "We are not changing PTET."

Hochul said she has already found over $4 billion in state aid for the city, and that Mamdani and Menin have a spending problem.

"And we've encouraged the speaker and the mayor to do what every other city has to do, [which] is look at your expenses. What is growing exponentially? They have programs that are growing not 4% a year, but 4% [in] months. And so they have to do whatever the other city is doing," Hochul said.

Budget watchdogs agree with Hochul, saying that instead of trying to tax their way out of the budget problems, they should stop spending so much.

"Right-size spending. Stop spending on programs that don't help New Yorkers. We've increased spending $16 billion more than inflation over the last 10 years," said Andrew Rein, president of the Citizens Budget Commission.

And Mamdani's proposed budget will increase NYC's budget by fourteen billion dollars over just two years.

The pro-terrorist socialist theater kid who never held a real job admits that even if he gets this tax increase, he's going to demand New York state send more of its taxpayers' money to NYC so he can waste it.

Despite Hochul's reluctance, Mamdani still wants more state aid, even if were to actually get this new tax.

"We cannot proceed with balancing that budget without the additional revenue and cost shifts from Albany," Mamdani said.

The Covert Socialist will also meet with billionaire Ken Griffin about his complaints about the new pied-a-terre tax, designed to punish rich people for daring to own second homes in NYC.

...

Hochul had another surprise for Mamdani. She has agreed to meet this week with billionaire Ken Griffin. Mamdani has made Griffin the poster boy for why he wants a pied-a-terre tax on people who own multimillion dollar second homes in New York City.

Griffin was so upset with Mamdani's attacks his hedge fund company threatened to pull out of a $6 billion NYC development project.

The PTET is a shelter provided by high-tax leftwing states to allow their richest taxpayers to shelter some of their money so that they don't have to pay the full state taxes. And they're not doing this out of the goodness of their hearts -- they know their rich, highly-mobile taxpayers will flee to states with lower (or no) income taxes if they don't give them a break on taxes.

Mamdani is demanding that the break be reduced from a 100% credit on state taxes to 75%. Thereby reducing the incentive to rich people to stay in the high-tax state, thereby increasing the number of rich people who will flee.

And of course, this is why high-tax states like California are pushing for "exit taxes" -- money they steal from you when you move out of their states. They want to keep you prisoner. If you stay you have to pay their high tax rates, but if you try to leave, they'll shellac you with a huge "exit tax" on your wealth.

I think this will all work out beautifully for the socialists, as it always has and always will.

Actual Justice Warrior seems to understand the PTET tax shelter, which I currently don't.

Bonus: Seattle's Woke Wallflower Socialist Mayor giggles as she says "Bye" to corporations -- like Starbucks -- fleeing her city.

posted by Disinformation Expert Ace at 02:22 PM

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