The $2B Surplus May Be Difficult To Achieve, DiNapoli Says

[hrmjustin]

State of Politics

A budget analysis from Comptroller Tom DiNapoli’s office on Monday found the state will have to find $2.5 billion in savings on average over the next three years in order to achieve Gov. Andrew Cuomo’s goal of a $2 billion surplus by 2016-17.

The DiNapoli report found that without a 2 percent cap on spending in coming budget years, the state is due to run deficits of $1.5 billion in 2015-16 and a $2.2 billion gap in 2016-17. A deficit of $3.4 billion is projected for 2017-18.

Cuomo is projecting major surpluses in the coming fiscal years, providing the state continue to limit its annual spending growth at 2 percent — which the state has done in the last several budget years.

Cuomo in his State of the State address touted the last three years of budgeting, noting that he inherited a $10 billion deficit when he took office as governor, and spoke of the $2 billion in the present tense.

http://www.nystateofpolitics.com/2014/02/the-2b-surplus-may-be-difficult-to-achieve-dinapoli-says/

[Squinch]

1. So where is that money he's desperately offering De Blasio to prevent the NYC tax hike on > $500K?

Really, this guy is too much.

[hrmjustin]

2. I think this bolsters de Blasio's plan.

[sabbat hunter]

4. The current proposed budget

includes the pre-k funding. That includes the projected surplus.

and if Cuomo keeps the spending increases under 2% the deficits that DiNapoli states, will go away. (he projects the deficits that will occur only if spending increases more than 2%)

If anything this bolsters Cuomo's state funded pre-k money, rather than a tax hike.

I have no problem raising taxes if the money is needed. But in this case it is not, as the money is coming from other sources.

[Squinch]

5. The increase in taxes on those in NYC who make more than 500K SHOULD be enacted.

Most people in NYC in that category pay much lower taxes than most of the rest of us. This proposed tax will be a small step toward equalizing that.

So now if the funding comes out of taxes that you and I pay, what services will we forego that could have been provided if the very wealthy paid a little closer to what the rest of us pay?

[sabbat hunter]

6. none

because of savings in other areas, increased revenues from the statewide tax surcharge on millionares.

Sometimes there is no need to raise taxes.

[Squinch]

7. Then raise it on them and lower it on us to even things out a little. We're talking hedge fund guys

here whose income is mostly taxed at 15%. Add your taxes and your payroll taxes together, and it is likely you are paying MUCH more than that.

[Politicalboi]

3. I'm still waiting for our

24 Billion the Repukes lost over "their" shut down. 2 Billion is chump change compared to that.