Dow down = state revenues up? by E.J. McMahon | | NY Torch

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.

NY tops in taxation by E.J. McMahon | | NY Torch

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...

What They Make, 2011-12 by E.J. McMahon | | Reports

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.

Spinning the dial on soaking the rich by E.J. McMahon | | NY Torch

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.

“Largest middle-class tax cut in 58 years”? by E.J. McMahon | | NY Torch

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.”

“Taxmageddon” and the Empire State by E.J. McMahon | | NY Torch

New York’s economy would be hit especially hard by Washington’s potential “Taxmageddon” — the scheduled end-of-year expiration of the Bush income tax cuts and of a temporary “patch” that prevents the Alternative Minimum Tax (AMT) from hitting more middle-class taxpayers, according to a just-posted analysis from the Tax Foundation.
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