New York Income Tax Revenue Falls 36% in Year, Paterson Says

[Craftsman]

Oct. 5 (Bloomberg) -- New York State’s income tax revenue has dropped 36 percent from the same period in 2008, Governor David Paterson said, “frustrating” his attempt to close a projected $2.1 billion budget deficit.

“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.”

Wall Street companies lost $42.6 billion last year and year-end bonuses to workers fell 44 percent to $18.4 billion. Income tax receipts were down 24 percent as of Aug. 31, according to the state comptroller’s office. Paterson’s estimate includes data since then.

Besides boosting taxes for the fiscal year that began April 1, lawmakers made $5.1 billion in spending cuts. The plan also includes $6.2 billion in federal stimulus money and $1.1 billion in one-time revenue, according to the Assembly.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aNQ6zYnQbPTc

[Craftsman]

1. BTT

[Raineyb]

2. Mind if I say Duh!

There's a lot of unemployed people out here. They're not going to get much tax revenue out of them.