Keep the red ink flowing NY Torch

In an op-ed called "Keep the Money Flowing," the Daily News's Errol Louis says that the idea that "federal, state, and local governments all need to cut spending" is a "dangerous myth." Louis quotes economist James Galbraith in saying that state spen...

Data of the day NY Torch

Public school finance will be one of the most hotly contested battlegrounds in New York's coming state budget war.  From last June's preliminary report of the Governor's Commission on Property Tax Relief (aka the Suozzi Commission), here is a remind...

Not like Sacramento — yet NY Torch

As a postscript to Nicole’s most recent post, which focused on New York City, it should be noted that New York’s state government doesn't immediately face a California-style cash crunch, either. The state stopped issuing short-term notes to cover...

After the bang, the whimper NY Torch

As E.J. notes in the post below this one, Gov. Paterson says he thinks Wall Street bonuses could be down as much as 60 percent, higher than his budget office's expected 43 percent decline. To put this estimate in perspective: after the tech bubble bu...

No new taxes (for now)? NY Torch

After wavering on the issue in recent weeks, Governor Paterson today seemed to rule out tax increases as part of the solution to the state's growing budget problem -- at least for the next 18 months. "I don't think there should be any taxes at this p...

Data of the day NY Torch

As shown below, the highest-earning 1 percent of taxpayers (those with incomes above $750,000 or so as of 2007) accounted for nearly 40 percent of New York's total state income tax liability last year -- up from around 27 percent in the mid-1990s. ...

Data of the day NY Torch

As shown below, the highest-earning 1 percent of taxpayers (those with incomes above $750,000 or so as of 2007) accounted for nearly 40 percent of New York's total state income tax liability last year -- up from around 27 percent in the mid-1990s. ...