The High Cost of Educational “Adequacy” by E.J. McMahon |  | NY Torch

New York State needs to spend $7 billion more to finance a “sound, basic education” for all pupils, according to the group that successfully sued to overturn the state’s education finance system. What kind of tax hike would it take to pay for such a draconian solution? This memo explores the range of possible answers to that question. [Read_more]

New York’s Ugly Stealth Tax Hikes by E.J. McMahon |  | NY Torch

Many New Yorkers who may consider themselves middle class will be paying higher effective marginal rates than billionaires under the "temporary" state and city income tax hikes recently approved by the State Legislature. [Read_more]

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]