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... Read More
Tag: Taxes and Spending
“First get your facts,” Mark Twain once said, “and then you can distort them as much as you please.” Following Twain’s advice, State Sen. Daniel Squadron (D-Brooklyn) and Assemblyman Rory Lancman (D-Queens) have unleashed a fresh set of purported “facts” about New York taxes, in response to my criticism last week of their call for higher state income taxes on households earning more than $1 million a year. Read More
New York ranks number-one in the Tax Foundation’s latest annual ranking of combined state and local tax burdens, released this morning. As of 2011, the combined per-capita tax burden on New Yorkers came to 12.6 percent of per-capita state income, the report said. The national average was 9.8 percent. Read More
Governor Cuomo’s 2012-13 budget, to be presented later today, will command media attention for the rest of the week. Advance reports on his modified pension reform proposal are especially promising. Meanwhile, there’s a (fiscally) cost-free approach to helping local governments and school districts alleviate their budget problems: repealing the Triborough Amendment. Read More
Yesterday brought a march on Albany by something called the “Educate NY Now campaign,” in which the union-backed Alliance for Quality Education (AQE) figures prominently. The demonstration served to bring attention to AQE’slatest statistical hobby horse — an “opportunity gap” created by the $8,601 difference in per-pupil spending among the wealthiest and poorest schooldistricts in New York. Read More
The Campaign for Fiscal Equity (CFE) litigation of 1993-2006 established the principle that New York State is constitutionally obligated to ensure funding of a “sound, basic education” for pupils in New York City schools. Today, the state’s highest court cleared the way for a lawsuit claiming that funding levels for about a dozen of New York’s small city school districts doesn’t meet that requirement. Read More
If we’ve heard it once, we’ve heard it 100 times: the average annual benefit paid by the state pension system in 2011 was $19,151 — “not a big amount for someone whose [sic] gave a lifetime of service,” as the Public Employees Federation (PEF) puts it in a letter and blast fax to state legislators. Read More
AFSCME, the nation’s biggest public-sector labor union, is mounting a statewide ad campaignclaiming that “politicians in Albany” want to “cut the pensions of firefighters, teachers and nurses by 40 percent.” Read More