Tags: Steve Malzberg Show | Travis Brown | Andrew Cuomo | property taxes | New York

Finance Expert: Cuomo's Tax-Relief Program Too Late

By    |   Thursday, 15 Jan 2015 05:28 PM

New York Gov. Andrew Cuomo's declaration that high property taxes are killing the Empire State is an admission that Albany lawmakers have "taxed people out of the middle class," says financial expert Travis Brown, CEO and co-founder of Pelopidas, LLC.

"Knock, knock, Gov. Rick Scott of Florida, they are sending more New Yorkers [down]," Brown said Thursday on "The Steve Malzberg Show" on Newsmax TV.

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"This is basically an admission that they've taxed people out of the middle class in Albany, New York."

According to the Elmira Star-Gazette, retirees are fleeing New York's high cost of living and taxes costing the state over $20 billion in lost tax revenue since 2004. Young people and businesses are fleeing as well.

On Wednesday, Cuomo announced plans to cut property taxes to help homeowners remain in a state he referred to as the "tax capital of the nation."

Under the plan, homeowners could see tax breaks of up to $2,000 a year and New York City renters also could see reductions.

"Unfortunately, property tax credits are not going to be good enough to reverse this trend," Brown predicted.

"It's likely we're going to see more New Yorkers spreading the news, they're leaving today," he added, riffing on the lyrics of the Frank Sinatra hit, "New York, New York."

Brown — author of "Wealth of States," written with Arthur Laffer, Stephen Moore and Rex Sinquefield, and published by Wiley — said Cuomo's proposed tax breaks basically focus on those making over $250,000 per year.

"They select just those people that can afford to pay, that can make the property tax payments, which we know will have the effect of moving more high incomes out," he said.

"Gov. Cuomo spent over $140 million trying to promote New York as income tax free New York for businesses.

"We know trying to give people exemptions through more games on your 1040 tax return just creates a lot of burden on compliance [and] doesn't necessarily raise the revenue."

In his announcement, Cuomo said he will fight to get the property tax reductions during budget negotiations with the Republican-run state Senate and Democrat-controlled Assembly.

"This will be the first time there is an actual cut," said Cuomo, a Democrat.

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New York Gov. Andrew Cuomo's declaration that high property taxes are killing the Empire State is an admission that Albany lawmakers have "taxed people out of the middle class," says financial expert Travis Brown, CEO and co-founder of Pelopidas, LLC. K
Travis Brown, Andrew Cuomo, property taxes, New York
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2015-28-15
Thursday, 15 Jan 2015 05:28 PM
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