Capital Region residents leaving NY due to high taxes
February 05, 2019 12:18 PM
Gov. Andrew Cuomo announced Monday there’s a potential $2.3 billion shortfall in the state budget. He partly blames it on a loss in tax revenue as more and more wealthy residents move out of state. But it’s not just wealthy residents.
"Upstate is beautiful. I love the seasons," said David Panzera, who has lived in New York for the past 25 years. But now he and his wife are packing their bags just like many other Capital Region residents due to high taxes.
"New York's just too expensive to live here," explained Panzera. "When it comes to how much they want to take from you versus how much they give you."
Panzera owns a home on nearly 14 acres of land in the Town of Fulton. He said he pays around $6,500 a year in property taxes. He said he’ll be paying a lot less on a similar home in a similar town in Tennessee.
"Why is it that this house has a tax burden of only $1,091 and I'm paying $6,500," said Panzera as he point to a home in Tennessee.
"All of this is threatened by an external force, a national force, that we have no control over, which is the so-called impact of SALT," said Cuomo.
SALT stands for State and Local Tax deduction. It allows individuals in high tax states to deduct local tax payments on their federal tax plan. President Donald Trump signed a new tax plan in 2017 placing a maximum SALT deduction of $10,000.
"Of course they're going to move, of course people are going to do what's in their best financial interest, and SALT must be replaced," said Cuomo.
But it’s too late for Panzera who said he’s done shelling out money.
"For $6,500, if you think about it, for all the time we're home schooling, the only thing we got was the plowing of our road," said Panzera. "I don't have trash removal. I have to pay for that. I don't have sewage. I have septic. I don't have water. I have a well. I don't have a lot of the services quote unquote that come with the taxations."
Panzera said he hasn’t done his taxes for 2018 yet. So he’s unsure how the new tax plan will impact him.
"We might be paying more and, you know what, I understand that," said Panzera. "New York has shell game successfully hidden from people how much their tax burden really is in this state by calling something a fee or saying you get a rebate for that just add it on your federal income tax."
Updated: February 05, 2019 12:18 PM
Created: February 04, 2019 11:35 PM
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