By Karen DeWitt ALBANY, NEW YORK (WXXI) - The state's budget deficit has grown yet again, and has now reached $8.2 billion dollars, says Governor Paterson, who says another $750 million dollar hole has opened up in the past couple of weeks.Paterson, saying "January was a difficult month", says a decline in personal income tax collections, due to uncertainty over Wall Street bonuses, and higher than anticipated Medicaid costs, contributed to the new deficit.
By Kaitlyn RossWhile the Governor is presenting a dire picture of New York's economic crisis, the Senate and Assembly are saying the state's budget crisis is even worse than Paterson is letting on. As Capital Tonight's Kaitlyn Ross explains, with both chambers presenting different numbers for the state's burgeoning financial gap, 2011 could be an embattled budget year.Read more: http://news10now.com/watertown-north-news-1052-content/politics/497023/l...
With the governor's office twisting in chaos over a domestic violence scandal, you could say things are far from business-as-usual in Albany. But that may be good.In the past, business-as-usual has brought New York dysfunction, high taxes and government spending sprees. This time last year, the economic fallout from banking failures was perfectly plain to read in foreclosure and jobless numbers. Yet how did state government react? It raised spending by nearly 9 percent, including $7 billion in new taxes and fees, only to return midyear to make painful cuts.
By Liz Krueger and Keith WrightAs New York State faces another devastating budget deficit, we need new solutions that raise revenue so that we can prevent deeper budget cuts to our schools and healthcare system—without raising taxes.
The Select Committee on Budget and Tax Reform has released a 2009 Annual Report, which highlights the activities of the committee during its first year of operation.
By the beginning of 2009, it became evident that New York tax policy needed a thorough review. The ad hoc changes to the state’s revenue system have created a tax structure that is not linked to current policy goals. The tax system is riddled with loopholes and tax expenditures that need to be re-evaluated to determine whether they serve a public purpose.
SENATOR LIZ KRUEGER ANNOUNCES REFORMS TO FIX NY’S BROKEN BUDGET PROCESS
(Albany, NY) New York State Senator Liz Krueger, Chair of the Select Committee on Budget & Tax Reform, will announce long overdue structural changes to the State Budget process on Wednesday, the 7th. She will be joined by Senate Majority Leader John L. Sampson and government reform organizations including Citizens Union and New Yorkers for Fiscal Fairness, among others.