Written by Rob Lillpopp on March 30, 2009 – 4:30 am
The Buffalo News reports today-”Taxes and fees could rise more than $7 billion in the upcoming state budget, making it the biggest increase in New York’s history, the state’s chief business lobbyist warned Friday.
“How could the governor and Legislature impose the largest tax increase in New York State history in the middle of this deep recession, and how could they expect economic recovery?” said Kenneth Adams, president of the Business Council of New York.
He predicted such a large tax increase would hamper the state’s ability to recover from the current economic slide.
The increased tax levy includes: hiking income taxes on wealthier residents, boosting various business taxes, and hitting consumers on several fronts — from taxes on health insurance premiums to energy bills.
Those fees and taxes, if they occur, as negotiators at the Capitol are considering, are likely to boost state revenues by $7 billion, the business group estimates.”
To read the rest of the story click here.
The state is obviously taking it’s cue from Washington and practicing the new era of U.S. socialism. Unwilling to make tough decisions on the spend side of the equation in fear of the impact to reelection, the governor has fallen victim to public employee union intimidation.
There will come a point where this comes crashing down hard and the fallout will be similar to what has ocurred in Detroit.
You can’t spend your way out of a recesiion and you can’t borrow your way out of debt!