A Boatload of Crap from Bloomberg News
In re the tax reform and the GOP's capping of the SALT deduction...
In high tax states like New York and New Jersey, politicians have handed the state finances over the government employees' unions who have raped their respective states with unconscionable feather-bedding, resulting in escalating fiscal distress. Connecticut and it's capital, Hartford, are circling the fiscal drain. New Jersey can't find the cash to fund those insane union pension obligations. New York is only getting by due to the insanely miraculous economic engine that is New York City. Without its global appeal as a place of business and tourist playground, New York state is bankrupt every which way to Sunday.
Government employees routinely game the rules to accumulate overtime and sick days (often not even really worked) so that over a 15-20 year career they can get a one-time payout in addition to their pension. Cops, firemen, sanitation workers and teachers, if they play the game right, can retire with a $100,000+ pension and a mid-six figure lump some payout, cheekily referred to by those in the know as...wait for it...a "boat check."
Your average cop or fireman from up north takes that check, buys a boat, moves to somewhere like South Carolina where that fat pension goes alot farther. You could fill a small bankrupt city (like Hartford!) with all the public employee retirees kickin' back and living the good life somewhere in NC, SC, GA, Fla.
Republican Senate and House negotiators in Washington agreed last week on a $10,000 cap on state and local tax deductions, or SALT. In high-tax states, that’s bad news. Personal taxes are poised to rise for 13 percent of New Yorkers and 11 percent of California and New Jersey residents, according to an analysis by left-leaning Institute on Taxation and Economic Policy, conducted after the bill’s final details were announced.... tax experts are already formulating ways to stop the feds from grabbing more take-home pay from Californians, New Yorkers and New Jerseyans while folks across America buy boats with the money they save.Screw yourself Bloomberg News. Let's talk about boats...but first this...
In high tax states like New York and New Jersey, politicians have handed the state finances over the government employees' unions who have raped their respective states with unconscionable feather-bedding, resulting in escalating fiscal distress. Connecticut and it's capital, Hartford, are circling the fiscal drain. New Jersey can't find the cash to fund those insane union pension obligations. New York is only getting by due to the insanely miraculous economic engine that is New York City. Without its global appeal as a place of business and tourist playground, New York state is bankrupt every which way to Sunday.
Government employees routinely game the rules to accumulate overtime and sick days (often not even really worked) so that over a 15-20 year career they can get a one-time payout in addition to their pension. Cops, firemen, sanitation workers and teachers, if they play the game right, can retire with a $100,000+ pension and a mid-six figure lump some payout, cheekily referred to by those in the know as...wait for it...a "boat check."
Your average cop or fireman from up north takes that check, buys a boat, moves to somewhere like South Carolina where that fat pension goes alot farther. You could fill a small bankrupt city (like Hartford!) with all the public employee retirees kickin' back and living the good life somewhere in NC, SC, GA, Fla.
posted by Donny Baseball at 7:07 PM
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