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The positives in New York's FY2018 budget make up a pretty short list—while the negatives are in some respects worse than usual. A quick and superficial initial rundown follows. Read More

As the Legislature weighs Governor Cuomo's proposed budget for the fiscal year starting April 1, New York's leading index of business cycle indicators is flashing bright yellow. The Labor Department reports that its Index of Coincident Economic Indicators (ICEI) dropped in December at a 2.6 percent annual rate. It was the fourth consecutive month in which the Index has dropped. Read More

The biggest-ticket revenue action in Governor Cuomo’s budget proposal was not extending the so-called millionaire tax, but renewing the Health Care Reform Act, which imposes a hidden tax on New Yorkers of all incomes. Read More

Gov. Andrew Cuomo said last month that a possible extension of New York's temporary 29 percent surtax on the incomes of million-dollar earners would hinge on one question: "how much money do you need?" Read More

New York City's Independent Budget Office (IBO) has released its latest data on the distribution of city and state income taxes among city residents—and, once again, the numbers show the tax burden is very light on low- and middle-income residents while relying very heavily on top earners. Read More

Governor Cuomo reportedly has not ruled out an extension of New York's "millionaire tax"—a supposedly temporary added bracket that effectively adds 29 percent to the personal income tax of individuals earning at least $1 million or joint-filing couples earning $2 million. Read More

Governor Andrew Cuomo's budget staff has further reduced the state's revenue estimates for the current year and the three following years, adding to projected potential shortfalls during the period. Read More

New York ranks 49th out of 50 states in the Tax Foundation's 2017 State Business Tax Climate Index, released today. (New Jersey seems permanently mired in last place, so we've got that going for us, which is nice.) The Empire State's overall ranking on the widely noticed index is unchanged from last year, has ranged between 48th and 50th for a decade now, and has been 49 for most of Governor Andrew Cuomo's tenure. Read More

Now that the state has enacted its biggest personal income tax cut since the mid-1990s, a prime task facing Governor Andrew Cuomo and the Legislature next year will be figuring out how to accommodate the tax cut in future budgets. Read More

New York's budget for fiscal 2017 includes the state's biggest and broadest personal income tax cut since the mid-1990s. Equally significant, the income tax section (Part TT) of the budget's revenue bill decouples the previously temporary cuts in middle-income brackets, which will now be expanded and extended permanently, from the state's "millionaire tax," which is still due to expire at the end of 2017. Read More

Before leaving Albany for the Legislature's Presidents' Week recess, Assembly Speaker Carl Heastie tweeted up a storm in support of a new soak-the-rich tax hike proposal backed by most of his fellow Assembly Democrats. In the process, he trotted out some familiar myths and misleadingly incomplete data to support the claim that wealthy New Yorkers don't pay their "fair share" of state income taxes. Read More