New City Tax Hikes Raise Likely Job Loss Toll by E.J. McMahon |  | NY Torch

New York City’s latest personal income and sales tax increases will result in the loss of an additional 18,250 private sector jobs in the city, and will raise $70 million less than expected, according to the Manhattan Institute’s NYC-STAMP tax model. [Read_more]

Tax Hike Gouges NYC Metro Region by E.J. McMahon |  | NY Torch

Households in the New York City metropolitan area will account for nearly 90 percent of the added state income taxes that New York State residents will pay to help finance spending increases in the 2003-04 state budget, assuming the Legislature overrides Governor Pataki's expected veto. [Read_more]

How To Save Another $1 Billion by E.J. McMahon |  | NY Torch

Instead of imposing higher taxes on an struggling economy, New York State legislators should be looking for more ways to save money in the $59 billion state funds budget Governor Pataki has proposed. Here's a by-no-means exhaustive list of eight cost-cutting steps that would add up to over $1 billion next year. [Read_more]

Bigger Gap, Smaller Cuts? by E.J. McMahon |  | NY Torch

Governor Pataki's 2003-04 budget proposal calls for smaller spending cuts than the budgets he proposed during his first two years in office—even though the current budget gap is more than twice as large. [Read_more]

What’s the Real Financial State of the Transit Authority? by E.J. McMahon |  | NY Torch

Just how big is the New York City Transit Authority's deficit? The answer to that question appears to be (a) not nearly as big as the NYCTA would have had everyone believe going into the TWU talks, but also (b) not nearly as big as it will be once the Authority gets through paying for the wage and benefit increases in the new transit workers contract—unless a fare increase is approved soon. [Read_more]

Transit Pact Has Big-Buck Implications for State and City by E.J. McMahon |  | NY Torch

If the new transit workers deal is used as the “pattern” in the next round of collective bargaining with New York's public employee unions, the result would be $725 million in added labor costs for the state and $1.2 billion a year in added costs for the city, not including any offsetting productivity concessions. [Read_more]

Property Tax Hike Will Cost 62,000 Jobs by E.J. McMahon |  | NY Torch

New York City’s impending property tax hike will lead to the loss of another 62,000 private sector jobs, re-accelerating a downward economic spiral that dates back to the end of 2000, according to a forecast by the Manhattan Institute's econometric model. [Read_more]

Will More Ever Be Enough? New York City’s Skyrocketing School Spending by E.J. McMahon |  | NY Torch

New York City's new schools chancellor, Joel Klein, kicked off his introductory news conference with the observation that ‘resources are scarce.’ True enough—although you wouldn't know it from looking at the Board of Education's budget for 2002-03. Even after the latest round of budget cuts ordered by Mayor Bloomberg, spending will keep pace with inflation. And adjusting for cost-of-living changes, per-pupil expenditures are up 57 percent since 1983. [Read_more]

Crisis—What Crisis? Spending Up $800 Million in New Fiscal Year by E.J. McMahon |  | NY Torch

For all the hue and cry about the ‘cuts’ needed to close New York City’s $4.9 billion budget gap, a funny thing happened on the way to the 2003 fiscal year: the first adopted budget of the Bloomberg era does not reduce overall city spending. The nearly $800 million increase in the "city funds" portion of the budget is the key to understanding why New York City continues to face massive potential deficits for as far as the eye can see. [Read_more]

NYC Cigarette Tax Hike Endangers Pataki Health Funding by E.J. McMahon |  | NY Torch

Mayor Bloomberg's proposal to raise the city’s cigarette tax to $1.50 from 8 cents per pack is expected to cut taxable consumption in half, as many more smokers quit, cut back, or turn to alternative sources out of state or on the Internet. This would undermine the financing for Governor Pataki’s health care programs, which depend partly on revenue from the state’s cigarette tax. [Read_more]