The September cash report from the state comptroller's office—an important indicator of New York's fiscal health at the halfway mark of the fiscal year—highlights growing budgetary worries for Governor Cuomo and (ultimately) the Legislature.
The report showed that total state tax receipts through September 30 had come in $387 million below the level projected for that period in the First Quarterly Update issued in July—which itself reflected a $1.6 billion downward adjustment from the cash flow projection in the Executive Budget presented by Cuomo in January. [Read_more]
Vice President Pence visited western New York to tout a federal tax reform plan that could still end up saving less for Buffalo area taxpayers than their counterparts elsewhere in the country. [Read_more]
The U.S. Supreme Court has agreed to hear a case with potentially major implications for New York’s government employee unions—and, ultimately, taxpayers. [Read_more]
The tax reform “framework” issued Wednesday by President Trump and congressional Republican leaders told us little we didn’t already know about their shared tax policy goals—while continuing to leave many key questions unanswered. [Read_more]
All 12 of New York State's metropolitan statistical areas had economic growth rates below the national average in 2016, according to newly released federal data. [Read_more]
The Graham-Cassidy healthcare bill heading to a possible vote next week would appear to be more costly for New York State in the long term than previous GOP repeal-and-replace plans. [Read_more]
New York's loss of residents to other states is a long-established and troubling trend. But the impact of out-migration on the Empire State's economy, and on personal income in particular, is another, more complicated story.
Unfortunately, the annual release of Internal Revenue Service (IRS) data on interstate taxpayer migration continues to inspire some wrongheaded conclusions on this score. [Read_more]
A historic decline in the uninsured population continued in 2016, both nationwide and in New York, albeit at a slower rate that signals a plateauing trend, according to data released Tuesday by the Census Bureau. [Read_more]
On the heels of a strong investment return in 2017, Comptroller Thomas DiNapoli just announced a slight reduction in taxpayer-funded pension rates for the state and its local governments. [Read_more]
This month’s setbacks for New York’s healthcare system were largely driven by flaws in the ACA, not by attacks on the law from President Trump or Republicans in Congress. [Read_more]
With some minor variations, the state Labor Department's jobs report for July is almost a repeat of the previous month's numbers. [Read_more]
Mayor Bill de Blasio says the wealthiest New Yorkers should "chip in a little extra"—a mere $800 million in higher income taxes, or an average of $25,000 per affected household—to pay for subway improvements and transit fare subsidies. But given Washington's tax reform agenda, de Blasio's latest soak-the-rich tax hike proposal is badly timed. [Read_more]