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Taxpayers Fleeing, Slowing Economy Are Driving $36 Billion Budget Shortfall

On Friday’s Fox Business Network show “Kabuto: Coast to Coast,” New York State Comptroller Thomas DiNapoli, a Democrat, discussed the state’s projected budget shortfall of $36 billion over three years, saying the outflow of taxpayers is part of the problem, along with the fact that the economy is slowing.

“I think there are several factors going on. There’s no question that the economy is definitely slowing. We’re feeling the effects of the slowdown this year when it comes to financial services. Wall Street is a very important part of the New York state economy, so in some ways it’s catching up,” Dinapoli said. And when it comes to the budget planning process, New York has a slightly different fiscal calendar. Starting April 1st, and of course, there are no strict collection dates until April 15th. So, frankly, the budget that was formulated was based on more optimistic numbers. But under the current fiscal plan, the budget sector will be cut annually for the next few years, with revenues of $5 billion, slightly above the latest projections that have now been cut, but Neil, the weakness lies in the collection of personal income taxes. ”

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