On Aug. 3, the state Senate passed a bill containing nearly $800 million in tax hikes and other provisions that represent the final piece of the budget for the fiscal year that began April. Read More
Tag: Taxes and Spending
New York state and local governments’ liabilities for retiree health coverage run to the hundreds of billions of dollars -- a burden that’s only now coming into full view. Read More
E.J. McMahon spoke at Wagner College Read More
The challenges confronting Gov.-elect Andrew Cuomo won’t be limited to closing a state budget gap now estimated at between $9 billion and $11 billion. Cuomo and the Legislature will also need to respond to growing fiscal distress among New York’s local governments. Read More
State and local government employees in New York collect taxpayer-guaranteed pension benefits that are far more generous than those available to most private-sector workers. Use the articles and other resources available at New York's Pension Bomb to learn about the heavy costs of public pensions. Read More
Public pension costs in New York are mushrooming—just when taxpayers can least afford it. Over the next five years, tax-funded annual contributions to the New York State Teachers’ Retirement System (NYSTRS) will more than quadruple, while contributions to the New York State and Local Retirement System (NYSLRS) will more than double, according to estimates presented in this report. Read More
Taxpayer-funded employer contributions to public pensions in New York State will rise by billions of dollars in the next few years, threatening to divert scarce resources from other essential public services in the midst of a fiscal crisis, according to a new report from the Empire Center for Public Policy. Read More
The looming state budget gap, which could easily exceed $10 billion, is the most obvious and immediate challenge facing Gov. Andrew Cuomo. Read More