Another sign of potential fiscal weakness for NY*** by E.J. McMahon | | NY Torch

New York’s rate of growth in withholding tax receipts during the final quarter of 2012 was among the lowest for any state with an income tax, according to the latest quarterly State Revenue Report from the Rockefeller Institute of Government.

Cuomo discovers Obama’s NY-centric tax hike by E.J. McMahon | | NY Torch

President Obama’s proposed cap on itemized federal income tax deductions for state and local taxes would cost New York residents $3.8 billion a year, according to a report released by Governor Cuomo’s office today. However, you’ll have to dig a little to find that number: Obama isn’t mentioned until page 11 of the 26-page document.

The cliff deal and NY by E.J. McMahon | | NY Torch

The just-enacted federal tax increase will fall heavily on high-income New Yorkers – but will take a much smaller bite out of the Empire State’s tax base than President Barack Obama had been seeking...

Cliff consequences for New York by E.J. McMahon | | NY Torch

New York residents will pay almost $90 billion in added taxes over the next two years if the federal government plunges over its fiscal “cliff” with no changes to current law, according to a timely report issued last week by Comptroller Thomas DiNapoli. The scheduled tax changes outweigh the impact of scheduled “sequestration” cuts to federal spending, which would cost the state and local governments $5 billion over the next nine years, including a $600 million hit to the state budget in fiscal 2013.

Road to perdition watch, cont’d (again) by Nicole Gelinas | | NY Torch

A big wheel at Deutsche Bank, chief risk officer and board member Hugo Bänziger, has some portentous thoughts about banking (and therefore, about New York City and State finances) in today’s FT...

The tentative tax-hike package (updated**) by E.J. McMahon | | NY Torch

Governor Andrew Cuomo and legislative leaders have just announced a deal on a major increase in the state income tax rates compared to what is scheduled under current law — i.e., the official breaking of the Cuomo promise not to raise taxes.

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.

DiNapoli: State fiscal margin “tight” by E.J. McMahon | | NY Torch

New York State's tax collections and other receipts during the first four months of the 2011-12 fiscal year were $330 million below projections, according to the July monthly cash report issued yesterday by Comptroller Thomas DiNapoli.  That dip, he...
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