Governor Andrew Cuomo today finally got around to announcing most of the members of the “Tax Reform and Fairness Commission,” which he first promised to create a year ago as part of the legislative deal that temporarily extended the state’s income tax hike on million-dollar earners.
New York residents will pay almost $90 billion in added taxes over the next two years if the federal government plunges over its fiscal “cliff” with no changes to current law, according to a timely report issued last week by Comptroller Thomas DiNapoli. The scheduled tax changes outweigh the impact of scheduled “sequestration” cuts to federal spending, which would cost the state and local governments $5 billion over the next nine years, including a $600 million hit to the state budget in fiscal 2013.
“Cash-strapped New York has tentatively chosen the highest bidder to produce driver’s licenses under a disputed contract that would provide only black-and-white photos and end up costing the state nearly $38 million more than the current contract if it’s approved,” the AP reports.
The prices of some previously high-flying stocks such as Apple recently have been plummeting, and the stock market has just suffered “its worst week of declines in five months,” the Wall Street Journal reports. This is not good news for savers and investors — but it may be causing sighs of relief in some corners of the state Capitol.
Retiree health benefits for state and local government employees are a huge, unfunded and rapidly growing liability for taxpayers throughout New York.
The combined state and local tax burden on New York residents in 2010, the year before Governor Andrew Cuomo took office, reached its highest level since 1994, the last year his father held the same office, as measured by data released today by the Tax Foundation...
“The first casualty of war is always the truth,” Winston Churchill observed. The same might be said of political battles. Around New York in this campaign season, incumbent state legislators in both parties have been bending facts into pretzels when they discuss their recent records on state taxes, in particular.
Local government is a labor-intensive business, and employee compensation is the single biggest element of most municipal budgets. The 2011-12 edition of What They Make, the Empire Center’s annual report on public payrolls, allows New York taxpayers to compare this key element of local government costs around the state.
Assembly Speaker Sheldon Silver has jumped on the bandwagon in favor of raising New York City’s top resident income tax rate — just a day after two undeclared 2013 mayoral candidates, City Council Speaker Christine Quinn and then-City Comptroller William Thompson stepped (somewhat gingerly) off it.
New York ranks 50th — meaning “worst” — in the Tax Foundation’s 2013 State Business Tax Index, released today. The Empire State’s ranking tumbled back to last place after climbing all the way up to number 48 in the 2011 Index.
Federal Medicaid reimbursements to New York State could be cut by $1 billion a year to make up for more than two decades of excessive claims that one congressman compared to “fraud.”
State Sen. Tom Libous of Binghamton, deputy leader of the Republican majority in the Legislature’s upper house, has been running a campaign commercial that takes credit for working with Governor Andrew Cuomo to enact, among other things, “the largest middle-class tax cut in 58 years.”