Tag: Wall Street

The stock market turmoil of the last week is a reminder of why it's risky, verging on foolhardy, for New York's state government to depend as heavily as it does on high-income households and Wall Street investors. In the current fiscal year, taxes paid by the highest-earning 1 percent of New York taxpayers—including commuters to jobs in the state—are expected to generate 43 percent of personal income tax receipts, which in turn translates into 27 percent of total state taxes. Read More

Wall Street, the goose that laid golden eggs for New York’s public sector for more than 25 years before the Great Recession, is “still working through the fallout from the financial crisis,” as Comptroller Thomas DiNapoli reported earlier this week... Read More

The prices of some previously high-flying stocks such as Apple recently have been plummeting, and the stock market has just suffered “its worst week of declines in five months,” the Wall Street Journal reports. This is not good news for savers and investors — but it may be causing sighs of relief in some corners of the state Capitol. Read More