New York and many other States, as well as many cities, have painted themselves into a corner with the ever increasing entitlements and not having enough tax revenue to cover their costs. These costs are many. Keeping the water running, keeping the toilets flushing, keeping the garbage picked up, keeping pensions paid, keeping the police intact, keeping the fireman fighting fires, keeping the welfare system running, and more.
Unlike the Federal agovernment, the States cannot print money to cover cost. They have one source of revenue. Taxes.
The usual approach has been to simply increase the taxes of those that are able to work and purchase goods. This has reached the point in many regions to where those that employ people and the people they employ say,......“That’s enough”.
There are no easy answers to any of these problems. Don’t pretend there are. The retired public employee that is now 80 years old and has now drawn a pension for more years than they worked are as much of a problem as the neighbor with five kids, no visible means of support, and on some type of public assistance.
I am 73. I own a Business. I employee people. I pay a lot in taxes. I also draw a rather large Social Security Check because I waited until 70 to start drawing. Through the years, I paid a lot in. I still pay a lot in. It’s like a circle. I pay in the max amount to Social Security Every year, I draw a Social Security Check. They then take 25% out of my Social Security as income tax because I still work And make a substantial living.
Am I a giver, or a taker?