Cuomo Blames Shortfall on Federal Tax Code, as Many are Leaving NY

Gov. Cuomo says the state faces a major and unexpected budget shortfall, and he's blaming recent changes to the federal tax code.

The governor says when the state and local tax deduction was capped at $10,000 it resulted in many of the richest New Yorkers moving elsewhere.

The governor says the revenue losses have gone from theoretical to real, and the decline will affect the budget.

Cuomo says New York's congressional representatives should refuse to pass a federal budget unless the changes to the tax code are repealed.

He praised New York's progressive tax structure, but says with the top 1% of earners paying over 50% of the state's taxes, there's a real risk when wealthy people leave.

Photo: Getty Images

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