September Song NY Torch

New York State's tax receipts were down 7.7 percent in September compared to the same month in 2008, according to the monthly collections report from the state Department of Taxation and Finance.   In virtually every major category, the tax numbers...

Paterson’s fiscal minimalism NY Torch

Governor Paterson today announced that he was ordering state agencies to cut their budgets by $500 million to help in dealing with a current-year state deficit of between $2.1 billion (the official forecast as of late July) and $3 billion (the govern...

California, here we come? NY Torch

My op-ed article in today's New York Post suggests that, thanks to Governor Paterson's lack of leadership, New York State is sliding faster towards a fiscal abyss....

Wet blanket time NY Torch

The Federal Reserve is working on a far-reaching proposal to regulate compensation by the nation's largest banks -- including, inevitably, some big New York firms now raking in big profits thanks to government bailouts. The upshot for Governor Paters...

Pension Bomb Boomlet NY Torch

Tax-funded contributions to the New York State Employee Retirement System (ERS) will have to jump by 61 percent between 2010 and 2011, state Comptroller Thomas DiNapoli announced today.  Contributions for members of the Police and Fire Retirement Sy...

It’s official: MTA is appealing arbitration award NY Torch

The Metropolitan Transportation Authority (MTA) has notified board members that the state-run authority has decided to petition a state judge to vacate state arbitrators' recent award to the Transport Workers Union, which called for 11.3 percent ra...

UK tax hike a missed opportunity for New York NY Torch

Today's WSJ reports that "a stream of hedge-fund managers ... are quitting the U.K." as the nation levies a new tax rate of 51 percent on people earning more than $250,000 annually, starting next April. "We have reached a tipping point, in terms of ...
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