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But E.J. McMahon, research director for the fiscally conservative Empire Center for Public Policy, says the revenue and economic outlook for the fiscal year is “pretty optimistic” for a governor “who hasn’t stopped predicting we’re doomed as a result of the SALT cap.”
By midnight Monday, more than 9 million New Yorkers will have filed their income tax returns for 2018. And most will then have cause to wonder what the Great New York SALT Panic of 2018 was all about.
New York’s new budget — the actual state-government expenditure plan, that is, as opposed to numerous side issues packaged with it — apparently came in close to Gov. Andrew Cuomo’s bottom line.
Over the past seven years, New York’s cap on local property tax levies has generated billions of dollars in savings for homeowners and businesses, compared to previous trends. The cap has been especially effective in restraining school property taxes, which have long been the largest and fastest-growing component of New York’s tax burden.
E.J. McMahon, chief researcher for the Empire Center for Public Policy, said the Assembly proposal amounts to "tax and spend fantasy."
Government watchdog E.J. McMahon, of the Empire Center, warned that the Amazon ordeal would be noticed by other firms.
“The Amazon fiasco definitely sent a signal, and it’s not a good signal from multiple angles,” McMahon said.
“Governor DeSantis couldn’t have picked a better time to work on poaching New York businesses, especially high earners in finance. More than a few will no doubt find it tempting to at least listen to Florida’s pitch.”
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.