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New York Tax Revenues Plunge by $3.7 billion

It’s a mystery!

Why is this happening? Must just be “bad luck”:

New York state tax revenues fell by $3.7 billion, or 4.7 percent, last year — the largest collapse since the 9/11 attacks — but officials downplayed the significance.

Trying to find a bright side, state Comptroller Thomas DiNapoli said things could have been worse since a surge in collections last month staved off an even steeper drop.

The primarily culprit was a 6.6 percent decrease in personal income tax revenues, which came in at $48.1 billion — $3.4 billion less than the previous year.

Nevertheless, the revenue drop was the largest since the 2002-2003 fiscal year, when personal income tax collections plummeted by 11.8 percent amid the economic impact of the 9/11 terrorist attacks and the 2001 recession, according to the comptroller’s office.

 
Doomberg

Written by Doomberg

I am Doomberg, one of the original founding members of Sparta Report, and have been here since the beginning. I am an insatiable news junkie and enjoy reading and writing about the US territories, the Caribbean, video games, smartphones, and of course conservative politics in general.

I also really like pictures of gas stations and claim full responsibility for the silly gas station motif. I'm presently trapped behind enemy lines in a blue state with no hope of escape! The ride never ends.

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