Tag: Taxes and Spending

Economic conditions have obvious implications for the work of this Committee and for the Legislature in general. We are in the midst of a potentially severe and long-lasting global recession. But for New York State, the recession is only part of the problem. Fueled by the super-heated profits of the securities industry, mixed with gains from a now-popped real estate bubble, the surge in state tax revenues over the past five years was as big as anything New York has experienced during any previous five-year stretch in the last 35 years. Read More

New York's huge budget deficit—$15.4 billion in the next 15 months—will force difficult choices in terms of government services and tax policies for years to come. To engage intelligently in that debate, New Yorkers need far more information than we now receive from Albany. Read More

Now that they control both houses of the New York State Legislature, Democrats in Albany are reportedly preparing to raise the state income tax on high-income New Yorkers to help plug a $15 billion budget gap. Read More

THE House of Representatives this week is expected to pass a federal stimulus package that could pump at least $17 billion of noncapital funding directly into New York's state and local government coffers over the next two years. Read More

E.J. McMahon testified before the Joint Legislative Fiscal Committees. Read More

New York's public employee unions are spearheading a campaign to raise state income taxes on the wealthiest households as an alternative to Gov. David Paterson's proposed budget cuts. Read More

Governor David Paterson is being pressured by some of his fellow Democrats to raise income taxes on the wealthiest households in response to New York States $13 billion state budget gap. Read More

First, this economic and fiscal crisis is not just another cyclical downturn. What we have witnessed over the past year is the end of an era. Read More