New York's state budget gap for 2011-12 -- the first year of the next gubernatorial administration -- is now projected at nearly $8.2 billion, according to the 2010-11 Enacted Budget Report released today by Governor Paterson's Division of the Budget (DOB). Read More
InvestmentNews says that more residents of high-tax states, mindful of looming federal tax hikes as well as higher state taxes, are moving south. As Ernst & Young tax partner Greg Rosica tells author Hilary Johnson: We haven't had a situation like... Read More
The Financial Times reports today (log-in required) that Wall Street banks "are bracing for a slump in trading profits." As we said a few weeks ago, second-quarter profits for banks like Goldman weren't great. July wasn't much better, even slower than... Read More
Just when it looked like New York's free-spending public schools were finally about to meaningfully tighten their belts, news came from Washington yesterday that the U.S. Senate had cleared the way for another $26 billion dose of "stimulus"... Read More
Noting a reported increase in wealthy households in the New York City metropolitan area, Robert Frank of the Wall Street Journal is mystified that "New York still has huge budget problems given the wealth surge in 2009 and much-publicized tax burden... Read More
As expected, Governor Paterson has sent the state Legislature yet another version of his proposal to cap local property taxes. Replicating the language he submitted as part of the 2010-11 Executive Budget, the governor's latest program bill also hews... Read More
Governor Paterson has sent the Legislature a chapter amendment that would delete a proposed new hedge fund tax from the state's pending 2010-11 revenue bill. By approving the chapter amendment, which is expected to happen today, the state Assembly... Read More
Notwithstanding media coverage predicting New York's "latest budget ever," it's worth noting that all of the state's 2010-11 budget appropriations already have been adopted. What's left hanging is a revenue bill encompassing $828 million in additional... Read More