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#1 User is offline   MTP Reggie 

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Posted 05 February 2019 - 08:09 AM

As revenue drops, concern about the proposed state budget rises
Cuomo says he will have to revise his proposed budget as personal income tax collections drop $2.8 billion.
By Michael Gormley
Updated February 5, 2019 6:30 AM
NewsDay

<More Surprise Here>

ALBANY Gov. Andrew M. Cuomo on Monday announced a dramatic drop in state income tax revenue of $2.8 billion, which he says will prompt him to revise his 2019-20 budget and reconsider spending on schools, health care and repairs to roads and bridges.

Cuomo, a Democrat, blamed the shortfall on a federal tax plan backed by Republican President Donald Trump. Cuomo said the law's cap on deductions for state and local taxes at $10,000 was to blame and suggested it is, anecdotally, triggering high-earners to leave New York.

"At this point there is no doubt that the budget we put forward is not supported by the revenues," Cuomo said at a State Capitol news conference. "It's as serious as a heart attack."

Cuomo said he's not certain what areas might need to be cut, but said the biggest spending areas now are education, health care, infrastructure and another phase-in of a previously approved middle-class tax cut.

The hole in revenues in December, which some analysts have called a December surprise, and continued poor performance in January have created a $2.3 billion drop in anticipated revenues, according to the Cuomo administration. Add that to the $500 million drop in revenues for December that the Cuomo administration had previously projected and the revenue hole is $2.8 billion, according to Cuomo Budget Director Robert Mujica.

Those details had been previously outlined in a Jan. 24 report by Moody's Investor Services, which monitors state government finances.

"I fear it's going to get worse before it gets better," state Comptroller Thomas DiNapoli said in a rare news conference with Cuomo.

(snip)

<More Surprise Here>
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#2 User is offline   grimreefer 

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Posted 05 February 2019 - 08:56 AM

Quote

"At this point there is no doubt that the budget we put forward is not supported by the revenues," Cuomo said at a State Capitol news conference.

:scratch: When has that ever stopped them from spending like a drunken sailor?
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#3 User is online   tailgunner 

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Posted 05 February 2019 - 12:28 PM

Wait..... they didn't have projections from a year, six months ago predicting this? They just found out their short 3 billion? BULLCRAP. Can't they charge someone, somewhere a dead baby tax? 100 grand a head? Of course it's trumps fault.
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#4 User is offline   Ticked@TinselTown 

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Posted 05 February 2019 - 04:21 PM

View Postgrimreefer, on 05 February 2019 - 08:56 AM, said:

:scratch: When has that ever stopped them from spending like a drunken sailor?

:yeahthat:
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