The debtor state by E.J. McMahon | | NY Torch

New York is at the top of the debt list in the latest U.S. Census data on state and local government finances. As of 2009, New York’s state and local long-term indebtedness came to $15,202 per-capita, more than any state and 74 percent above the national average.

Concerning those dirty Wall Street capitalists … by Nicole Gelinas | | NY Torch

Nicole Gelinas has a must-read op-ed in the New York Post today on the sinking fortunes of New York City's financial sector.  Her message: Thanks to Washington’s support for big banks, New York City has been a cocoon of prosperity compared to the ...

Tallying Albany’s revenues by E.J. McMahon | | NY Torch

New York State's 2010-11 2011-12 fiscal year appears to be off to a good start. Tax collections for the first quarter of the year were nearly $800 million above Governor Andrew Cuomo's initial budget projections, according to the June cash report posted today by state Comptroller Thomas DiNapoli.

First Glance at Cuomo Budget by E.J. McMahon | | NY Torch

In the publishing business, the annotation "TK" is used in manuscripts to indicate some important piece of information is "to come." Gov. Andrew Cuomo's 2011-12 Executive Budget is a book draft with an impressive cover and a promising theme...

Paterson attempts to trim hedge fund tax by E.J. McMahon | | NY Torch

Governor Paterson has dropped a proposal to impose New York State's personal income tax on the interest income of non-resident hedge fund managers from his latest preferred list of revenue-raisers to help pay for the 2010-11 budget appropriations...

“Big cuts”? by E.J. McMahon | | NY Torch

Most news coverage of yesterday's budget vote reflected the approach of today's New York Times headline: "Albany Lawmakers Pass Big Cuts in Health Care." In fact, net of those cuts, the state-funded share of Medicaid spending will increase this year...

Paterson tax cap 3.0 is even more porous NY Torch

Governor David Paterson began his tenure in the spring of 2008 on a promising note by embracing a broad, no-exceptions cap on school property taxes, almost exactly as proposed by the Suozzi Commission on Real Property Tax Relief.  But when the Senat...

Curiouser and curiouser by E.J. McMahon | | NY Torch

Lt. Gov. Richard Ravitch still hasn't publicly released his long-term plan to restore structural balance to New York's state budget, including a rumored proposal to bond out a portion of the state's budget shortfall.   But the details emerging so f...
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