February 5, 2019
Cuomo calls $2.3-billion drop in revenue a 'heart attack'
By Rick Moran
The state of New York may be falling behind some states when it comes to quality of life issues. But there's one category where New York excels: taxing its citizens.
New York leads the nation in taxes, a dubious distinction not lost on wealthy residents of the state. So it's puzzling why the governor would be surprised when expected revenues fall a little short; about $2.3 billion short.
New York Post:
Cuomo attributed the revenue drop in December and January largely to the new federal tax code, as well as volatility in the stock market and other uncertainties.
"That's a $2.3 billion drop in revenues. That's as serious as a heart attack. This is worse than we had anticipated," the governor said in Albany.
"This reduction must be addressed in this year's budget."
In a rare joint appearance with Cuomo, state Comptroller Tom DiNapoli confirmed the deteriorating finances.
"This is the most serious revenue shock the state has faced in many years," he said.
He urged Cuomo and the Legislature to sock more money away in the state's rainy day fund to prepare for the worst.
Cuomo had planned to spend $176 billion – including about $100 billion in federal funds – in the new fiscal year that starts on April 1.
Cuomo's preliminary analysis claims much of the impact is coming from a drop in revenues from the state's highest income earners most impacted by the loss of write-offs of state and local tax deductions, known as SALT.
more
https://www.americanthinker.com/blog/2019/02/cuomo_calls_23_billion_drop_in_revenue_a_heart_attack.html
