New York Faces $2.3 Billion Budget Shortfall

The announcement came after Cuomo announced a $175 billion spending proposal for 2020 last month.

The Washington Free Beacon reports:

New York faces a $2.3 billion shortfall in revenue after December and January witnessed a steep drop in income tax collections, Gov. Andrew Cuomo (D.) and state Comptroller Tom DiNapoli announced on Monday. The announcement came after Cuomo announced a $175 billion spending proposal for 2020 last month.

Cuomo blamed the loss of revenue on the federal government, the Times Union reports. The governor suggested the rollback of the state and local tax deduction, known as SALT, contributed to the shortfall and was part of an effort to punish Democratic "high-tax" states.

...

DiNapoli also pointed to reports of people leaving the state and volatility on Wall Street as factors contributing to the shortfall.

Long Island-based economic analyst Marty Cantor disagreed with Cuomo's explanation for the deficit.

"The problems here are caused by the governor and his administration," Cantor said. "It's too expensive to live on Long Island and in New York state. Taxes are too high, people are leaving. It has nothing to do with Trump."

New York has the second highest combined state and local tax rate for high-income earners, and nearly half of the state's income tax revenue comes from the top 1 percent.

DiNapoli and Cuomo did not say if they would increase taxes to address the shortfall.

Previously: 

4 days, 3 hours ago

Virginia Democrats Voted to Allow Schools to Refrain from Reporting Sexual Battery in 2020

Virginia Democrats passed a law allowing schools to refrain from reporting instances of sexual battery, stalking, and other crimes occurring on school property in 2020

4 days, 23 hours ago

Sen. Tim Scott endorses McMaster in South Carolina governor's race

U.S. Sen. Tim Scott didn't endorse a primary candidate in South Carolina's 2018 gubernatorial race, but for 2022, he's offering an early nod to incumbent Republican Gov. Henry McMaster.

6 days, 2 hours ago

Youngkin says education is top issue in Virginia governor race: 'Parents are absolutely angry'

Republican Virginia gubernatorial candidate Glenn Youngkin on Tuesday referred to education as the top issue in the state's election

6 days, 5 hours ago

Abbott Completely Bans Vaccine Mandates By Any Employer In Texas

"The Biden Administration is now bullying many private entities into imposing COVID-19 vaccine mandates."

1 week ago

Gov’s campaign paid $87.5K more to ex-staffer

Gov. Michelle Lujan Grisham’s campaign paid an additional $87,500 over the past six months as part of a settlement with a former staff member who had accused her of sexual mistreatment during a 2018 meeting

1 week, 3 days ago

Arizona border just as ‘out of control’ as Texas, Gov. Doug Ducey warns

Border Patrol agents in western Arizona’s Yuma region have encountered 1,038% more suspected illegal immigrants year-over-year.