Arizona, Connecticut, Delaware, Illinois, Massachusetts, Minnesota, New Jersey, Oregon, Washington and Wisconsin are all considering large increases in either sales taxes or income taxes, probably because of this little financial whatsit you may have read about. Those of us in California and New York already know we're screwed. Good luck to the rest of you.
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The fundamental flaw in New York State governance is that public servants….like the New York MTA….have too many benefits relative to the services they offer.
They DONT get overpaid but their benefits are insane and would drive any private business bankrupt: retire at age 55 or 60 and collect full scale health, pension and other benefits for the rest of your life. And while they're working they get full scale health benefits for their whole family AND relatives without any copayment.
They say a sanitation worker earning $35,000 a year or a MTA worker earning $50,000 a year who retires at age 55 can continue collecting even more (as their health care costs increase) per year….up to $80,000 to $100,000 a year when you include health care right up til they die in their seventies or eighties.
This hasn't been addressed and as we raise more sales taxes and income taxes to address it businesses are continuing to flee New York. Stamford and Jersey City will have more financial clout than NYC pretty soon.
…Party like it's 1773…