The Conservative Cave
Current Events => Economics => Topic started by: bijou on December 31, 2009, 08:26:16 AM
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ALBANY -- The state's cash reserves sunk to an all-time low yesterday as the comptroller warned that the treasury could ring in the New Year in the red for the first time.
State Comptroller Thomas DiNapoli said the state was on track to start the day with a mere $833 million on hand -- about half a percent of its total $133 billion budget and the lowest figure ever recorded in at least three decades of the present accounting system.
In making the announcement, DiNapoli chided Gov. Paterson and lawmakers for approving an overly optimistic budget in April, and predicted that repercussions from the cash crisis would soon be felt by schools and local governments.
"We've never seen a cash-flow situation this dire in New York state and for the first time in history, the state could actually end a month in the red," DiNapoli said. ...
Read more: http://www.nypost.com/p/news/local/red_alert_state_is_down_to_la_few_fEiSeDlZ9JjUamuGCLEwwM#ixzz0bHDEfLPF
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to the liberals: if you give away ALL the money, there is NO money left. Just a little lesson I learned in kindergarten.
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Along these lines, if you're expecting a tax refund for 2009 (and you really shouldn't be...) then get your taxes filed pronto. As in, on the day you get your W-2s. My state, which wasn't in budgetary trouble last year, still delayed sending tax refunds by months because of cash flow problems. This year will be worse, for pretty much every other state as well.
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Chump--this is why you do like I do and live in a state which has NO state income tax.
And oh yeah--I'll be e-filing the day it is allowed. I already have my last paystub(s) and employer ID numbers. My taxes are already done. All I have to do is update the forms online and e-file on the 15th of January. If there is any erroneous information I can file an amended return later, but the numbers will be correct, so it won't affect my refund.
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Chump--this is why you do like I do and live in a state which has NO state income tax.
And oh yeah--I'll be e-filing the day it is allowed. I already have my last paystub(s) and employer ID numbers. My taxes are already done. All I have to do is update the forms online and e-file on the 15th of January. If there is any erroneous information I can file an amended return later, but the numbers will be correct, so it won't affect my refund.
Yessir. The wife and I will end up in Tennessee, hopefully sooner rather than later, and that's one of the top five reasons.
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I wonder if Paterson can figure out that if you STOP SPENDING the cash no longer goes away?
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For those of you touting the no income tax states, just remember, where there is no income tax, those funds are made up elsewhere. I looked at a $130K house in Garland, TX, where we have no income tax. The property tax on that house was $3K/yr. That's 2.3% of the assessed value. MN, which has state income tax WAS running a little less than 1% assessed value for their property tax. (The last house I lived in was assessed at $546K, the taxes were $4800/ year. Do the math before you move.) ;)
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For those of you touting the no income tax states, just remember, where there is no income tax, those funds are made up elsewhere. I looked at a $130K house in Garland, TX, where we have no income tax. The property tax on that house was $3K/yr. That's 2.3% of the assessed value. MN, which has state income tax WAS running a little less than 1% assessed value for their property tax. (The last house I lived in was assessed at $546K, the taxes were $4800/ year. Do the math before you move.) ;)
Again, its the spending.