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In Case You Haven't Heard…
Publication year - 2019
Publication title -
alcoholism and drug abuse weekly
Language(s) - English
Resource type - Journals
eISSN - 1556-7591
pISSN - 1042-1394
DOI - 10.1002/adaw.32292
Subject(s) - revenue , economics , tax haven , tax revenue , indirect tax , tax reform , ad valorem tax , tax deferral , state (computer science) , income tax , business , law and economics , state income tax , public economics , finance , gross income , algorithm , computer science
New York suffered a loss of tax revenue due to the new tax law, but Gov. Andrew Cuomo still doesn't want to raise taxes in this year's budget. One possible choice is between legalizing marijuana, which would result in tax revenue, and a “pied‐à‐terre” tax on second homes owned by the rich, the governor told WAMC's Alan Chartock on March 6. He indicated that he would prefer the marijuana alternative, but if there is no revenue there, taxing homes on people worth more than $5 million would be “the least objectionable” way to raise money. He doesn't want to further drive the wealthy out of the state, which the Trump tax bill has already done, by eliminating the federal tax deduction for state income taxes and mortgage taxes above $10,000, luring the wealthy to states with lower taxes. “In a perfect world, given the environment we're in, we wouldn't raise taxes,” Cuomo said. “If you don't have marijuana, I don't know if you're going to have much of a choice.”