New York has been trailing most states in the race to recover from the economically devastating coronavirus pandemic, recent employment data have shown. Read More
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Looking ahead to an uncertain post-pandemic recovery, New York’s newly enacted state budget for fiscal year 2022 raises spending by staggering amounts that—barring an unlikely rapid return to peak 2019 economic activity in New York City—can't possibly be sustained for more than a few years. The budget is a mid-2020s fiscal disaster in the making: an incomplete bridge over a deepening river of red ink. Read More
Governor Cuomo and the Legislature are seeking to raise taxes on New York's highest earners—giving the Empire State's already high-taxed income millionaires a bigger financial incentive to avoid New York Read More
With two weeks to go before the start of New York State's 2022 fiscal year, Democratic majorities in the Assembly and Senate have staked out similar budget priorities calling for the biggest spending hikes on record wh Read More
When it comes to steering the next budget to final adoption by the Legislature, the politically embattled governor is still behind the wheel. Read More
Hoping to jumpstart a bandwagon effect, advocates of soak-the-rich tax hike proposals in New York State are hyping a tax increase in New Jersey as evidence that New York needs to do the same. Read More
Some of New York City's leading progressive Democrats are mounting a campaign to pressure Governor Cuomo into backing a big new "wealth tax" on New York billionaires. Read More
#NYCoronavirus: With this year's tax return filing date push postponed to mid-July in response to the coronavirus pandemic, Governor Cuomo has revived his old complaints about the TCJA's $10,000 cap on itemized state and local tax (SALT) deductions. But under the circumstances—a crashing economy and exploding federal deficits—his case for restoring SALT is even weaker than it was before the crisis. Indeed, it verges on preposterous. Read More
#NYCoronavirus: Not a moment too soon, Governor Cuomo finally has acknowledging that a near-panic in financial markets amid rising fears of a global economic slowdown should prompt a re-set in the state's revenue forecast for the fiscal year that begins April 1, less than three weeks from now. Read More
When New York's current state budget was enacted, Governor Andrew Cuomo hailed it as "the broadest and most sweeping" of his tenure, adding that "for the ninth straight year it was both timely and fiscally responsible." "Timely," yes: budget bills were passed by the Legislature just in time for the April 1 dawn of a new fiscal year. As for "fiscally responsible"—well, that's more a matter of opinion. Read More
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