Public subsidies of sports arenas, stadiums and ballparks “cannot be justified on the grounds of local economic development, income growth or job creation, those arguments most frequently used by subsidy advocates.” Read More
Category: Blog
My latest Newsday column looks at the complexity of the New York State’s personal income tax, the temporary income tax changes enacted last December, and Governor Cuomo’s promise (so far, unfulfilled) to appoint a commission to consider a “comprehensive overhaul” of the tax code. Read More
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. Read More
Instead of raising $85 million by hiking commercial tolls 45 percent, the state Thruway Authority will be shifting at least $60 million in State Police Thruway patrol costs to the state budget’s general fund. Read More
The Tier 6 pension “reform” enacted by New York last year applies to all state and local employees who join the state Employee Retirement System or the Police and Fire Retirement System after April 1, 2012 Read More
Governor Andrew Cuomo and the Budget Division are spreading the word via Twitter that Standard & Poor’s has given its top AAA rating to the state’s $1 billion sales tax revenue bond issue. Read More
AUTHOR’S NOTE: PLEASE SEE BELOW FOR IMPORTANT CORRECTIONS TO THIS POST IN BOLD.In May, after months of turmoil, Albany agreed to a new package of taxes for the state-run Metropolitan Transportation Aut Read More
Moody’s Investor Service has just lowered the New York State Thruway Authority’s senior lien revenue bond rating by a notch, from A2 to A1, citing the authority’s failure to identify a plan for raising tolls sufficiently to finance the building of the new Tappan Zee Bridge. Standard & Poor’s last month did much the same thing, for essentially the same reason. Read More