Michael Bloomberg's first year as mayor of New York City produced decidedly mixed results, measured against the long-term statistical trends. Read More
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After a winter and spring filled with budgetary "doomsday" talk in City Hall, New York's latest fiscal crisis has been interrupted by an eerie, eye-of-the-storm calm. In the space of two months, Mayor Bloomberg's demands for union concessions and program cuts gave way to unilateral budget restorations and celebratory photo ops with City Council leaders. Read More
Despite a continuing economic slump and the most serious municipal fiscal crisis in a quarter-century, the New York City budget is growing at nearly twice the inflation rate. Read More
If you earn enough to be affected by New York’s state and city income tax hikes but believe you will escape the brunt of the increases — that they will fall most heavily on the ultra-rich — think again. Read More
Many New Yorkers who may consider themselves middle class will be paying higher effective marginal rates than billionaires under the "temporary" state and city income tax hikes recently approved by the State Legislature. Read More
Good morning, Senator Krueger, and thank you for this opportunity to testify before your task force today. Read More
New York City’s latest personal income and sales tax increases will result in the loss of an additional 18,250 private sector jobs in the city, and will raise $70 million less than expected, according to the Manhattan Institute’s NYC-STAMP tax model. Read More
Conventional wisdom in public-finance circles for many years encouraged state governments to increase their reliance on personal income taxes. After all, the academic experts would point out, personal income is less volatile than corporate profits and tends to grow faster than retail sales. Read More