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Manhattan Institute

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New York Is Looking at an Ocean of Red Ink

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New York Is Looking at an Ocean of Red Ink

New York Post April 3, 2019
Urban PolicyTax & BudgetNYC

New York’s new budget — the actual state-government expenditure plan, that is, as opposed to numerous side issues packaged with it — apparently came in close to Gov. Andrew Cuomo’s bottom line.

Faced with a new Democratic majority in the state Senate, heavily populated by newcomers with a yen to spend, plus a Democratic super-majority in the Assembly that would prefer to tax and spend even more, Cuomo apparently didn’t budge by much.

The $102 billion state operating funds budget for fiscal year 2020 falls within the governor’s 2 percent growth cap, allowing for the usual creative accounting.

At the same time, among the assorted extras, the governor rammed through a budget-bill provision erasing the potential 2020 expiration date from his 2 percent cap in local property taxes, first enacted in 2011. Making the tax cap permanent — or harder to tamper with, at least — was a significant achievement for which the governor deserves all the credit he will claim.

Continue reading the entire piece here at the New York Post

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E.J. McMahon is research director at the Empire Center for Public Policy and an adjunct fellow at the Manhattan Institute.

Photo by Drew Angerer / Getty Images

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