March 31, 2011
Fact of the week: The Governor’s own four year financial plan has a hole that’s the size of the millionaire’s tax.
New Yorkers agree: a millionaire’s tax is part of a fair budget.
Moderates, liberals, and conservatives; upstaters and downstaters; low and high earners – all say it’s the way to go.
Yet our elected leaders just nixed it, despite overwhelming public support.
They transferred over $1 billion from this year’s funds for schools and senior services to the state’s top earners.
Next year will be even worse without a millionaire’s tax. We’ll lose $4 -5 billion.
That’s about 20 percent of state aid to schools. Or almost two full years of funds for roads, highways, and bridges.
It doesn’t have to go that way. Some elected leaders and a whole lot of New Yorkers are pushing a post-budget millionaire’s tax. Stay tuned.
The bleachers were packed
All eyes were on New York, which has the earliest budget deadline in the nation.
Top earners – 1, Regular New Yorkers – 0
The first game ended with the Governor scoring against the vast majority of New Yorkers who will suffer from school aid cuts and other reductions in vital services.
A chance to score in the next round?
With the search for revenue still on, there’s talk of passing a millionaire’s tax later in the legislative season.
Mid-season analysis: Jobs down by 14,400
The state budget deal cuts $450 million from the state workforce, which could amount to 9,800 layoffs. And Mayor Michael Bloomberg is warning of 4,600 teacher layoffs in New York City alone.
Mayors, homeowners left behind on the field too
Mayors are saying the dramatic cuts could force them to raise local property taxes, even as many homeowners complain that they are already overtaxed.
Don’t count them out – the home team’s still fighting
Protestors left their Wisconsin-style camp-in chanting “we’ll be back.”
Congressional Republicans tackle minimum wage…
New research supports the contention that hiking the minimum wage helps low-income workers without harming the job market. Yet Congressional Republicans just proposed a bill that effectively cuts higher state minimum wages by allowing employers to count health benefits toward wages.
… and food stamps
The New York Times reminded readers that every $5 spent on food stamps produces $9 in economic activity. Yet the powerful “Republican Study Committee” has proposed shrinking food stamp allotments –from $294 to $235 a month for a family of four.