New York State has revenue shortfall as rich abandoned the high tax state

Newsday:

Gov. Andrew M. Cuomo on Monday announced a dramatic drop in state income tax revenue of $2.8 billion, which he says will prompt him to revise his 2019-20 budget and reconsider spending on schools, health care and repairs to roads and bridges.

Cuomo, a Democrat, blamed the shortfall on a federal tax plan backed by Republican President Donald Trump. Cuomo said the law's cap on deductions for state and local taxes at $10,000 was to blame and suggested it is, anecdotally, triggering high-earners to leave New York.

“At this point there is no doubt that the budget we put forward is not supported by the revenues,” Cuomo said at a State Capitol news conference. “It’s as serious as a heart attack.”
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Cuomo said the loss of federal deductibility greatly effects the 1 percent of taxpayers who pay almost half of New York’s taxes and he notes they are highly mobile, able to move their legal residence of New York easily.
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New York is not competitive with states like Florida and Texas which have no income tax.  They need to reevaluate their approach to governing.  The Texas model has been effective at attracting businesses and new residents, while the New York model was driving people away before the tax cuts and the loss of some deductibility. 

The state needs to become more efficient in using its resources.  It would also benefit for allowing natural gas shale wells in upstate New York across the border from Pennsylvania.  That would produce new jobs and a new revenue stream.  They should also cut back wasteful spending on so-called green energy with is much less efficient and not a dependable.