New York taxpayers have lived for years under Democrat Governor Andrew Cuomo’s liberal tax-and-spend policies. Now, even fellow Democrats are warning about the deficit created under his tenure.
Democrat New York Comptroller Thomas DiNapoli issued a warning in the Post Star that New York is now facing financial trouble because of a looming budget deficit.
Specifically, DiNapoli highlights “projected budget gaps” and “weaker than expected personal income tax collections” as causes of a projected $4 billion budget deficit.
Cuomo’s budgetary problems come as a record number of people are fleeing high-tax New York, shrinking the tax base.
Just this year, US Census records found that “more than 1 million people moved out of the New York area to other parts of the country since 2010, a rate of 4.4 percent — the highest negative net migration rate among the nation’s large population centers.”
The Post-Star: New York Comptroller Warns of "Triple Threat" To State Finances
ALBANY — New York state could be headed for financial trouble because of the “triple threat” of federal spending cuts, a looming budget deficit and anemic tax revenues, state Comptroller Thomas DiNapoli warned Tuesday.
In a report on the state’s finances, DiNapoli said and additional funding cuts from Washington could “place significant strain” on the state’s bottom line.
“New York faces serious fiscal challenges,” the Democrat said. “Projected budget gaps, weaker than expected personal income tax collections and cuts to federal programs combine for a triple threat of budgetary risks.”
New York state is projected to face a $4 billion deficit in the next fiscal year. Tax collections in the first six months of the current year are down nearly $768 million, or 2.1 percent, when compared with the same period last year, according to DiNapoli’s report.