Tag: Taxes and Spending

In 2011, Cuomo decided to cap growth in education spending at the rate of New Yorkers' personal income growth, and he cut state aid accordingly for the 2011-12 school year by $1.3 billion. In 2012-13, personal income grew about four percent, and Cuomo and the Legislature awarded an $800 million increase, the maximum allowed under the cap. “The cap is not real. I don't think the cap is ever going to be real again,” said E.J. McMahon, president of the Empire Center, a fiscally conservative think tank. “I don't think it ever was binding. I think it was a convenient pretext in the governor's first couple of years and increasingly is going to be disregarded.” Read More

Unfortunately, Mr. Cuomo so far has been unwilling to combine the tax cap with meaningful local-mandate relief, especially public-sector collective-bargaining reforms that would give county executives, mayors and school boards more tools to live within the cap. Read More

A report issued last week by one of Gov. Andrew Cuomo's two tax commissions has rekindled debate regarding taxes in the Empire State. Former Gov. George Pataki and former state Comptroller Carl McCall headed the commission. E. J. McMahon, president of the Empire Center for Public Policy, praised the report's recommendation the state cut the top estate-tax rate and raise the taxable estate threshold to federal levels. "The Empire State would remain one of a very few jurisdictions still imposing any death tax, but it would at least take a smaller bite out of fewer estates," he said in comments published in the New York Post. Read More

Gov. Cuomo has just been handed a decidedly mixed bag of tax-reduction recommendations — combining pro-growth business-tax cuts with a gimmicky “property-tax relief” package that would deliver virtually no economic bang for the buck. Read More

The Empire Center’s Explore Your State Budget app has been updated to reflect the state’s mid-year financial report for fiscal 2014. This online database of New York state budget information, which is accessible through the Center’s SeeThroughNY website, includes actual results, estimates and projections for major spending and tax categories from 2012 until fiscal 2017. Additionally, the tool contains annual disbursements dating back to 1984 and tax receipts since 1976. Read More

Governor Cuomo has projected that maintaining a 2 percent cap on annual growth in state expenditures could lead to a budget surplus of up to $2.9 billion by fiscal year 2017. The key question, in his words, is “how do you use this period of growth to actually increase the economic competitiveness of the state of New York?” Based on our analysis of New York’s state and local tax structure, that question could be answered by addressing the following five initial tax policy priorities, which would not only make New York more business-friendly, but would reduce the high tax burden on all New York residents Read More

Gov. Cuomo has OK’d a bill allowing suburban Rockland County to issue bonds to cover a portion of its huge budget deficit — without the customary mandate for a state takeover of the troubled county’s finances. In letting Rockland buy time with borrowed money, the governor is all but inviting New York’s other troubled counties and municipalities to push for similar treatment. Read More

A large majority of New York City residents think the non-Indian gambling casinos authorized by Proposal One on next week’s statewide ballot will bring in “significant new revenue for New York state and local governments,” according to a New York Times-Siena poll released Tuesday. Read More