Monday, October 11, 2010

Another New York State Failure

No surprise that New York State Governor David Paterson received an "F" from Cato Institute's 2010 Fiscal Policy Report Card on America's Governor's (page 23).

New York
David Paterson, Democrat
Legislature: Democratic
Grade: F
Took Office: March 2008

Governor Paterson has supported an enormous array of tax hikes during his short time in office. In April 2008, he signed into law a $1.7 billion tax increase, which included a $1.25 per pack increase on cigarettes, a broadening of the sales tax base, higher taxes on financial services, and higher taxes on limited liability corporations and real estate investment trusts. In December 2008, he walloped New York City workers with a $1.5 billion “mobility tax,” which is a new payroll levy to fund public transit. In 2009, Paterson approved a huge $5 billion tax increase, which included higher taxes on personal income, wine, cigars, health insurance, and utilities. The “temporary” three-year income tax hike added tax rates of 7.85 percent and 8.97 percent on top of the state’s previous top rate of 6.85 percent. In 2010, Paterson signed into law another cigarette tax increase to bring the combined state and New York City tax rate to $5.85 per pack. Paterson has also proposed new taxes on soda, health care services, and other items. You would think that with all of these tax increases, state policymakers must have first cut the budget to the bone. But the New York general fund budget has been roughly flat in recent years, not cut.


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