Without discussing details, Governor Cuomo did not flatly contradict or deny aWall Street Journal report that he is considering some sort of personal income tax “overhaul” that would combine a middle class tax cut with some sort of increase in tax rates for upper-income households.
Governor Cuomo may seek to extend higher state income tax rates in top brackets under the guise of a tax reform or restructuring that might also involve a tax break for middle class, according to a report in today’s Wall Street Journal.
The Cuomo administration reportedly is talking with labor leaders about tapping public and private pension funds to help pay for state infrastructure projects, including a multi-billion-dollar replacement for the Tappan Zee Bridge...
Governor Andrew Cuomo is making a big deal out of the failure of a congressional “super committee” to produce a deal on reducing the federal budget deficit. This is supposed to trigger $1.2 trillion in across-the-board federal budget cuts over a 10-year period beginning in 2013—which, Cuomo said yesterday, could translate into $5 billion in lost federal funding for New York.
So, here’s a non-surprise: The financial outlook for New York’s state government has deteriorated in the past few months, according to the Mid-Year Financial Plan Update from the Division of the Budget (DOB).
During his first six months in office, New York governor Andrew Cuomo pulled off something of a fiscal trifecta: closing a $10 billion state-budget gap without raising taxes, capping local-property-tax levies, and wringing concessions out of state-government labor unions.
New York state’s mid-year financial plan update was due on Oct. 31, and state agency heads were scheduled to present their budget requests at hearings last week.
Now that the state Public Employees Federation (PEF) has rejected a proposed contract, Governor Andrew Cuomo is moving forward with 3,500 layoffs. Or, then again, maybe not. This article in the Albany Times Union suggests there is an 80 percent lik...