Little for NY in latest fed tax twist by E.J. McMahon | | NY Torch

For the millionaire earners who generate an outsized share of New York State's income tax receipts, a possible congressional deal to trim the top tax rate in the final federal tax reform bill would take some of the sting out of losing the state and local tax (SALT) deduction.

Hempstead’s lame-duck job freeze by Ken Girardin | | NY Torch

The lame-duck supervisor of Hempstead, New York’s largest town, has inked the most indefensible no-layoff deal in Long Island’s history of open-handed labor relations—guaranteeing union jobs while asking for nothing in return.

Cuomo’s Essential dilemma by Bill Hammond | | NY Torch

Federal officials have reportedly confirmed that they are cutting off a major portion of funding for New York’s Essential Plan, opening a roughly $1 billion hole in the state budget and raising new doubts about the future of a rapidly growing health insurance option for the working poor.

Cuomo signs 3D mammogram law by Bill Hammond | | NY Torch

Governor Andrew Cuomo has signed a bill mandating broad insurance coverage for three-dimensional mammography, formally known as digital breast tomosynthesis, despite a lack of evidence about the long-term efficacy of the procedure.

NYS teacher pension costs to rise by E.J. McMahon | | NY Torch

New York's second largest public pension fund continues to move—at a glacial pace—towards a more reasonable and prudent assumption of its future investment earnings.

Deadline? What deadline? by E.J. McMahon | | NY Torch

For the eighth consecutive year, New York's governor and Legislature have failed to comply with a decade-old law designed to foster a "quick start" of the state budget process for the next fiscal year.

Private job gains weak in NY by E.J. McMahon | | NY Torch

The largest upstate New York metro areas had weak or declining private job numbers in October, and the state as a whole trailed the national employment trend, according to the latest year-over-year data from the state Labor Department.

Right point, wrong data by E.J. McMahon | | NY Torch

The lead editorial in today’s Wall Street Journal highlights the role that high taxes have played in driving migration trends out of New York and other high-tax states.

Marginal tax rates matter, as the Journal very correctly points out. Unfortunately, in making this important point, the editorial relies a bit too much on a misinterpretation of migration data produced by the Internal Revenue Service (IRS), which tracks the movement of taxpayers among the 50 states.

New York’s budgetary “boo!” by E.J. McMahon | | NY Torch

Ten days after the report's Halloween due date, Governor Cuomo's Division of the Budget (DOB) has just issued a mid-year Financial Plan update that might as well be wearing a fright mask.

The update reduces revenue projections by $850 million this year, and by another $850 in each of the next two years, mostly as a result of an estimated $750 million drop in annual personal income tax reductions.

State revenues sinking deeper? by E.J. McMahon | | NY Torch

New York State's budget gap through fiscal 2018-19 could be a whopping $4.6 billion worse than indicated by Governor Cuomo's latest Division of the Budget (DOB) projections, according to new estimates from state Comptroller Thomas DiNapoli.
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