Federal income tax cuts enacted during the past four years have been particularly benefcial to New York, saving Empire State residents a total of $36 billion through 2004. However, as documented in this report, New Yorkers are also being hit harder than most Americans by what’s been called “the most serious problem faced by federal taxpayers” — the Alternative Minimum Tax (AMT). Read More
New Yorkers owed an extra $2.6 billion to the federal government last year as a result of the Alternative Minimum Tax, or AMT, as documented in a new Empire Center report available. Other findings: The AMT hit 332,000 New York househol Read More
With or without Gov. Pataki's cooperation, state legislators are expected to finish passing a series of budget bills before the new fiscal year begins Thursday. Read More
Despite recent fare and toll hikes and continued high ridership, the Metropolitan Transportation Authority (MTA) continues to face significant future budget gaps. The picture is complicated by an ill-advised 2002 debt refinancing that left the aut Read More
High state and local taxes are widely recognized as a significant obstacle to stronger economic growth, especially for Upstate communities whose natural competitors are lower-cost regions of the Midwest and Southeast. Read More
Once the Legislature adopted a "temporary" personal-income-tax increase in 2003, it was only a matter of time before someone in Albany moved to make the tax hike permanent. Read More
The Campaign for Fiscal Equity decision ordering more than $5 billion a year in additional spending on New York City schools is likely to have little effect on student achievement in the city. Because lack of money is not a primary explanation for the city’s low student performance, additional money by itself will do little to improve the situation. Read More
Approaching what could turn out to be yet another stalemate with the Legislature, Governor Pataki says the last four years have been "the worst ... since the Great Depression" for New York State's finances. Read More