Bean-counting update NY Torch

Today's June cash report from state Comptroller Tom DiNapoli says first quarter tax collections were $487 million below projections, in line with the trend reflected in Taxation and Finance data cited below. DiNapoli's press release statement chose t...

Pension fund borrowing on Senate agenda? NY Torch

It seems likely the newly reconstituted Senate majority will take up and re-pass all the bills approved during its legally questionable June 30 "session," perhaps as soon as this evening.  While the governor and others have described the bills await...

The Governator gets real NY Torch

Gov. Arnold Schwarzenneger is proposing a 5 percent pay cut for state workers in California, in addition to an average 10 percent reduction already experienced by employees under an unpaid furlough program.  Meanwhile, in New York, most state worker...

Albany’s human spending cap NY Torch

Governor Paterson now says he will veto "any legislation this year that calls for more spending."  Well, that's a relief.  But what does he mean by "spending"? [caption id="attachment_1219" align="alignleft" width="286"] Tough spending restraint?[/...

New York’s giant sucking sound NY Torch

Following in the footsteps of Tom Golisano, the owners of a small Buffalo area company have announced that New York State's income tax hike is prompting them to move to Florida -- except, unlike Golisano, they are also taking their entire company wit...

The Empire State sinks deeper NY Torch

Governor Paterson says the weakness in April tax receipts means the state may need to reduce spending by another $3 billion in the current fiscal year, which is less than two months old.   In other words, the short-term outlook may now be as lousy ...

Golisano gone NY Torch

Well, what do you know?  Barely a month after its enactment, New York State's biggest income tax hike since 1961 has already driven away one of the Empire State's wealthiest and most productive residents.  Make that former resident, as the Rocheste...