The Governor announced that the state has to deal with a 2.3-billion-dollar revenue shortfall which he blamed on the federal tax overhaul passed late in 2017. EJ McMahon, Founder and Research Director of the Empire Center for Public Policy, shared his analysis of the situation.
E.J. McMahon, research director for the Empire Center for Public Policy, said the scuttling of the Amazon headquarters "highlights New York's lack of competitiveness" as it jockeys with other states to lure jobs.
To restore the full deduction, E.J. McMahon, research director for the Empire Center for Public Policy, said congressional Democrats would have to line up behind tax hikes on very high earners, something that would be rejected by Republicans and the White House.
E.J. McMahon, research director for the Empire Center for Public Policy, questioned the rationale for reducing the aid at a time when Cuomo wants to make the tax cap permanent.
Such departures are a longstanding part of the state's history, according to a 2011 study by the Empire Center for New York State Policy, a conservative-leaning, Albany-based think tank.
That report found that since 1960, New York had lost about 7.3 million residents to other states. That was partially offset by the arrival of 4.8 million immigrants, for a net decline of about 2.5 million residents.
The Empire Center, an Albany think tank, released a report in May 2018 that took note of New York surpassing all other states with per-pupil elementary and secondary school spending of $22,366 per pupil as of 2016. The report noted that the Empire State spent 90 percent more than the U.S. average of $11,762, up from 86 percent above average in 2015. The education spending gap between New York and the national average has grown dramatically over the past 20 years, the Empire Center noted.
Industry lawsuits filed against Governor Cuomo's $100 million opioid tax, summarized in today's Wall Street Journal, are raising fresh questions about the levy's fairness and unintended side effects.
The Empire Center today released its annual “Benchmarking New York” report, comparing and ranking government tax, spending and debt levels for hundreds of counties, towns, cities and villages throughout New York.