Earn $1 Million a Year? Assembly Democrats Will Seek a Tax Rise Just for You
March 6, 2008
If you earn a million dollars in New York this year, beware. Albany has its eyes on your money.
As Democratic Assembly members try to figure out how to right the state’s finances, they are looking to the state’s fabulously wealthy — the hedge fund managers, real estate moguls and superstar shortstops — to balance [...]
Cig tax would puff up prices by $1.50
March 5, 2008
A coalition of health groups will call Wednesday on state leaders to dig another $1.50 out of the pockets of smokers every time they buy a pack of cigarettes.
With New York facing a budget gap of some $5 billion, American Cancer Society activist Russell Sciandra predicted lawmakers will latch onto the idea of jacking up [...]
Sheldon Silver To Hold Hearing on Traffic Tax Revenues
March 5, 2008
Mayor Bloomberg’s congestion pricing proposal is facing another obstacle after the speaker of the state Assembly, Sheldon Silver, announced yesterday that he would hold a hearing on how the revenues from the traffic tax would be spent.
Mr. Silver, along with two other Assembly Democrats, Herman Farrell Jr. and Richard Brodsky, both opponents of the congestion [...]
Budget Office Offers 63 Ways For City To Save
February 14, 2008
The city government could save millions of dollars by implementing voting by mail, moving jury duty to the summer for teachers, or even taxing breast implants and face-lifts, according to an Independent Budget Office report that offers 63 ways to help close a budget gap the IBO estimates will be $3.1 billion in 2009.
The IBO, [...]
Spitzer’s “Drug Tax” is Unfair on Drug Users and Dealers
February 12, 2008
A prominent Democratic Queens assemblyman yesterday warned that Gov. Spitzer’s proposed tax on illegal drugs - dubbed the “crack tax” by critics - could unfairly impact the drug dealers themselves. Assemblyman Jeffrion Aubry told Spitzer Tax Commissioner Robert Megna during a legislative budget hearing that requiring drug users and dealers to pay state sales tax [...]
Big Drop Is Seen in Real Estate Tax Revenues
February 11, 2008
The city and state governments are bracing for a precipitous drop-off in the tax revenues they will receive from real estate transactions.
The city is forecasting a 39% decline in sales volume for all commercial transactions through 2009, and the median price of those transactions is expected to decline by 32%, according to its latest budget [...]
Tax Breaks - Who Wins and Who Loses?
February 8, 2008
Mayor Michael Bloomberg’s January Financial Plan for the next four fiscal years repeats the message of last October’s budget modification: The economy is slowing, city tax revenues are down, and it’s time to make budget cuts. The mayor balances the preliminary $58.5 billion budget for 2009 through agency spending cuts over the next 18 [...]
Plan to Link Tax Breaks to Income
February 5, 2008
A bipartisan group of lawmakers unveiled a plan Monday to link property tax breaks to household income, which would potentially provide fewer people with checks but give tax breaks to those most in need.
The “Middle Income Circuit Breaker” proposal, led by Sen. Betty Little, R-Queensbury, and Assemblywoman Sandra Galef, D-Ossining, would retain the $250,000 income [...]
Spitzer’s Allies Criticize Budget
January 30, 2008
One of Gov. Spitzer’s closest legislative allies yesterday criticized the governor’s $124.3 billion budget as too much.
“I think we’re spending much too much and we have to look at ways to sort of attrition our expenses,” Senate Democratic Minority Leader Malcolm Smith told reporters after addressing a statewide group of county officials.
Smith said Spitzer’s budget, [...]
Conservative’s Call on Albany’s Elected Officials to Reduce All Taxes Especially Property Taxes
January 28, 2008
At the New York State Conservative Party’s 41st annual Political Action Conference, State Chairman Michael R. Long called for Albany’s elected officials to reduce all taxes, especially property taxes, to cut spending and reject a traffic congestion tax.Mr. Long’s comments follow:
“We began last year with an anticipated hope that New Yorker’s would no longer be [...]
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