New York State Tax Revenues Slump 36%, Is New York The Next California?

Zero Hedge ^ | 10/5/09

[Extremely Extreme Extremist]

“We added personal income tax, which we thought would make the falloff 10 percent to 15 percent,” Paterson, a Democrat, said on CNBC today, referring to $5.2 billion in new or increased taxes. “This is what is so frustrating. It’s still 36 percent, meaning our revenues fell more in 2009 than they did in 2008.”

Just damn. Nobody can be this stupid.

[goat granny]

CUT SPENDING IDIOTS........

[unkus]

Yep, the bigger trainwreck is gaining speed. Hope all are prepared for extended survival. It ain’t going to be pretty.
________________________________

It’s all adding up to one ugly mess, for sure.

[bustinchops]

With NY’s tax rates, especially the extra taxes in NYC, the wealthy have been leaving at an alarming rate.

Lotsa luck, NY, raising money for all the ne-er do wells and ‘green’ projects and other BS you want.

[1_Rain_Drop]

"another issue that is not receiving much airtime is the continued dire straits that New York's MTA finds itself in. From the most recent status update: "the program has a funding gap of $9.9 billion despite a large increase in State aid and a 56 percent increase in anticipated federal funding, which may not materialize. In the absence of additional aid, the MTA plans to fill the gap with debt, but debt service would then rise rapidly and increase pressure in the future to raise fares and tolls.""

Why do they fail to mention that self employed and employers will now be paying a new separate extra tax to maintain the MTA?

[SkyPilot]

Jeez, NYC teachers already make over $70k a year.

What is killing us in New Jersey are the teacher salaries, but more importantly the retired teacher pensions (along with other NJ state workers, but teachers take the biggest chunk).

Gov Corzine knows this, but he failed to do anything because the lobby is his bread and butter, and when you do cross them they spend zillions to try and hurt you. That is what California public employees union did to Arnold.

We have a NJ radio station (FM dial) that constantly tries to expose the corruption. They have had on lots of experts talking about the problem.

The only real solution is to burn down the entire state jobs and pension system. I mean a complete, utter, 100% destruction, and start over.

The problem with that is corrupt Democrat appointed judges won't let you do that, even if Republicans controlled the governorships, state houses, and state senates.

I guess the only solution is for the states to go completely bankrupt with no "bailouts" and let the states go into chaos for awhile.

I am totally serious.

[Sir Clancelot]

If any politician had a brain, they’d say that next year’s budget can spend 95% of what we actually take in this year. The remaining 5% goes to pay down our debt. No tax increases.

Then you’d have them focused on doing whatever they could to help each taxpayer make as much as they could and to have as many taxpayers as possible living in their jurisdictions. So each state would try to cut their state income tax rates to lower than the surrounding states to encourage those at the borders to move in and save some of their money. This would be the Walmart approach to tax policy.

[4Liberty]

CA Assembly's solution to economic stagnation: Raise taxes, chase the REST of the business community (jobs, tax base) out of California. Which worsens problems. It's like the 'Rats out here never heard of the Laffer Curve, idiots. (Yes, I still live in the "Loser State," CA. The 'Rats are killing our budget, economy!!! Help!) Ouch!

[John Will]

What aera will be known as New Californa?
It’s a joke that Northern Florida is New Michigan, while it seems North Carolina is New New York.

[Mr Fowl]

>>Jeez, NYC teachers already make over $70k a year. <<

And Taxes will have to be raised more if Obama gets his way and has year round plus longer school days. After all, teachers will have to be paid for for more hours worked

[erman]

It seems every one out of three threads on FR has someone post some "mmmm mmmm mmmm" reply, and it is getting old......actually....it got old last week.

mmmmm...mmmmm.....mmmmmmm OK, hammer... OK...

[VOA]

bump

[cherry]

I have a wonderful sister who is one of those retired teachers.....she got to take a full year off for her son, more time for her dtr, never lost seniority, and got to cash in a half year's "sick time" ....then she can go sub when she wants.....she's on the old plan and I know she probably gets near 100%of her pay as a pension....

and the medical.....

zero voter for sure....

[freekitty]

Boy are they killing CA. Everyone is leaving. Businesses are going under. What will the illegals do when there is no one to support their fannies?

This wasn’t the deal? They were suppose to be supported by the poor American taxpayer through some fantasy. They were suppose to have free healthcare and free this and that. Instead it’s turning into the Mexico landscape.

Maybe they should make an appointment with the Messiah in the WH?

[freekitty]

There won’t be a pension soon to take any money from.

[SkyPilot]

she got to take a full year off for her son, more time for her dtr, never lost seniority, and got to cash in a half year's "sick time" ....then she can go sub when she wants.....she's on the old plan and I know she probably gets near 100%of her pay as a pension.... and the medical.....

A liberal, San Francisco commie, Democrat organizer in-law once tried to tell me over a Thanksgiving dinner that the US military "babied" them because they got 30 days vacation a year. Of course, she was deeply entrenched in the teacher's union.

When I got her to admit all the perks and bennies they got, her retort was that teacher's deserved them because the classroom was a "battlefield."

She never noticed the irony, and let her hang herself with her own rope. Even the Democrats at the table winced while eating their cornbread stuffing.

[4Liberty]

We’re ‘eating our seed corn’ — taxing incomes of future skilled young people to pay for our borrowed SS money to pay for longer retirements. Not a healthy, sustainable, FAIR solution.

Thanks, D’rats!