Coronavirus-stricken NY’s tax collections plunge, economic wreckage rivals Great Depression

[rangerrebew]

Coronavirus-stricken NY’s tax collections plunge, economic wreckage rivals Great Depression

Officials say unless the state receives federal aid, budget cuts are inevitable

 

By Brittany De LeaFOXBusiness
 

National Association of Home Builders CEO Jerry Howard comments on New York City leasing plummeting as coronavirus spreads fear and changes residential needs.
 

The economic fallout of the coronavirus pandemic is starting to weigh on New York state, as tax collections fell billions of dollars short last month.

A report recently released by the state’s comptroller, Thomas DiNapoli, showed a 68.4 percent – or $7.9 billion – year-over-year decline in tax revenues in April. The state collected $3.7 billion in total monthly tax receipts.

“New York is facing economic devastation not seen since the Great Depression,” DiNapoli said in a statement. “New York and other hard-hit states need the federal government to step up and provide assistance, or the state will have to take draconian actions to balance its budget. We need Washington to set aside the partisan bickering and deliver substantial relief to New Yorkers now.”

https://www.foxbusiness.com/money/coronavirus-new-yorks-tax-collections-plunge

[rangerrebew]

By "budget cuts," he means programs which should never had been initiated to begin with.