Abstract
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.”
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
