This week on the big show, Fingers and Tracy talk about universal basic income, autonomous vehicles, job stealing robots, Jussie Smollett’s indictment, AOC’s trouble with the FEC, and how the Democrats have seemingly gone from being the party of “you didn’t build that” to being the party of “you don’t need that”.
New York state auditors are looking to stick wealthy residents fleeing the state’s high taxes with a hefty bill to make up for a $2.3 billion budget deficit.
State auditors have used highly sophisticated tools to track dodgers, monitoring everything from social media accounts to dental records.
CNBC reported that between 2010 and 2017, the state carried out approximately 3,000 of these audits. These audits brought in around $1 billion in state money, with auditors collecting an average of $144,270 for each audit between 2015 and 2017, according to CNBC.
It is unclear how many of New York’s top taxpayers fled the state, but low-tax states like Texas and Florida gained residents.
“If you’re a high earner in New York and you move to Florida, your chances of a residency audit are 100 percent,” Barry Horowitz, a partner at the WithumSmith+Brown accounting firm, told CNBC. “New York has always been aggressive. But it’s getting worse.”
Even NPR knows a wealth tax won’t work:
Normally progressives like to point to Europe for policy success. Not this time. The experiment with the wealth tax in Europe was a failure in many countries. France’s wealth tax contributed to the exodus of an estimated 42,000 millionaires between 2000 and 2012, among other problems. Only last year, French president Emmanuel Macron killed it.
AOC’s FEC Problem:
From the Washington Examiner:
Two political action committees founded by Rep. Alexandria Ocasio-Cortez’s top aide funneled over $1 million in political donations into two of his own private companies, according to a complaint filed with the Federal Election Commission on Monday.
The cash transfers from the PACs — overseen by Saikat Chakrabarti, the freshman socialist Democrat’s chief of staff — run counter to her pledges to increase transparency and reduce the influence of “dark money” in politics.
Chakrabarti’s companies appear to have been set up for the sole purpose of obscuring how the political donations were used.
The arrangement skirted reporting requirements and may have violated the $5,000 limit on contributions from federal PACs to candidates, according to the complaint filed by the National Legal and Policy Center, a government watchdog group.