DiNapoli: Tax Revenue Falls Again

[Madmallard]

The state’s tax revenue continues to decline, according to a cash report soon to be released by Comptroller Tom DiNapoli.

“We see some slow down in terms of revenue coming in versus projections. It’s going to show we’re about $315 million below our projections,” DiNapoli said in a Capital Tonight interview on Monday. “We’re about a billion off in revenue from last year.”

The lowered expectations comes at a precarious time for New York, even as the stock market is booming and providing a financial boost for the state.

Gov. Andrew Cuomo is pushing back against efforts to have the cost of Medicaid spending shifted from county governments to the state, a cost of $2.3 billion once it is fully phased in. The authors of that provision, Reps. John Faso and Chris Collins, say it is aimed at reducing taxes on the local level, but Cuomo insists the move would lead to a tax increase.

At the same time, state officials fret over federal spending cuts being proposed later this year also taking a bite out of the state’s coffers.

“The state is certainly not in as strong a position as we’d like to see the state be in,” DiNapoli said.

DiNapoli: Tax Revenue Falls Again

 

[Podmonkey]

Don't worry folks the Great Leader will hike taxes to compensate!

 

[dubleuhb]

Wait.... I thought with start up NY and bringing in all those wonderful illegal immigrants monkey face had it figured out.
OH, that's right, neither are contributors, just takers. FUAC

 

[Podmonkey]

Wait.... I thought with start up NY and bringing in all those wonderful illegal immigrants monkey face had it figured out.
OH, that's right, niether are contributes, just takers. FUAC

Yeah, right. I heard Cuomo had a Chinese finger puzzle all figured out. Apparently 911 emergency services had to get involved.

 

[Jsmegs77]

Tax revenues are down? Hmm, I wonder how that could happen, what with people and businesses leaving or closing the doors. Combine that with the continued importation of illegal welfare recipients and other entitlement minded individuals and you've got more taking out than putting in.

But, things like this don't factor into FUAC's thought process. Instead, pretty lights on various buildings and bridges are what we get.


Sent from my iPhone using Tapatalk

 

[Grimscale]

First thing they'll do is try to put the blame on internet sales, with the requisite push to FORCE internet marketplaces to either collect the taxes, or report the purchases to New York so they can go after the people themselves.

 

[Catskillkid]

At mu Town Board meeting a few months ago this very topic came up as it may impact the aid that local governments get. One of my Town Board members said that back in the early 1980s NYS was ranked as one the top ten states to do business in for it business friendly climate and fair tax code. Today its pretty much at the bottom of the list. Funny how that all started to change when Cuomo the Elder took over the governorship.

 

[dwa12479]

Hard to increase revenue when you're hemorrhaging residents.

http://nypost.com/2017/04/01/people-are-fleeing-new-york-at-an-alarming-rate/

 

[BerettaGuy]

“We’re about a billion off in revenue from last year.”
i really wish the state would go belly up.