New York to increase taxes and fees

The New York Times reports that New York Governor David Patterson intends to increase New York state taxes and fees in order to supplement cuts to the state's budget. By adopting this program Patterson means to address New York's looming budget shortfall (see this for background links). Although Patterson has no choice but to address this fiscal crisis, it remains the case that his revenue-generating moves look to be wholly regressive in nature, a conclusion the Times tacitly affirms when it reports that:

One element that Mr. Paterson left out of his budget was any broad-based tax increase affecting people in higher income brackets, a measure that some in Albany believed would be part of the plan. But ever since taking over as the state's chief executive in March, Mr. Paterson has steadfastly opposed raising income taxes as a way to prop up the state's worsening finances.

No comments: