Westchester County Business Journal WCA joins allies in opposing tax hikes
WCA joins allies in opposing tax hikes
The Westchester County Association has joined forces with statewide business groups to thwart more tax and fee hikes as an option for lawmakers when they return to Albany next month to tackle New York’s ballooning budget deficit.
Raising earlier projections in light of continued weakness in the economy, the state budget division last month said the state faces a $2.1 billion deficit in the current fiscal year, which will grow to $4.6 billion in 2010-11. With steep declines in revenue, the deficit is expected to swell to $13.3 billion in 2011-12 and $18.2 billion in 2012-13.
Acting on Gov. David Paterson’s financial plan to reduce the deficit, the state Legislature last spring approved a budget that included sweeping increases in taxes and fees for businesses and individuals. They included the so-called millionaire’s tax on personal income, expected to raise $4 billion yearly; more than $1.4 billion in increased assessments on utilities, hospitals, home care providers and insurers, and nearly $271 million in new and increased fees.
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