From the New York State Legislature:
Assembly Speaker Sheldon Silver said late Saturday that New York’s Legislature has agreed to a state budget that keeps school funding flat, restores aid to New York City, and increases income taxes on wealthier New Yorkers.
The agreement announced just before midnight Saturday also restores some proposed cuts in health care and higher education and expands the state’s bottle law, putting nickel deposits on bottled water under the measure that currently covers only carbonated drinks
http://www.usatoday.com/news/nation/2009-03-29-ny-budget_N.htm
New Yorkers pay the highest per capita local and state taxes in the nation. The State Government is endemically self-corrupted. The politicians are incapable of understanding that they past the point of over spending decades ago and need to cut back to spending levels circa 1980.
They are also arrogant enough to think the people of New York will believe this nonsense:
The temporary income tax increase on New Yorkers making more than $300,000 is projected to provide the state $4 billion in revenue and will end after three years, Silver said.
Oh, really? Never have New York Democrats voluntarily rescinded a tax. The only time they did so was when they were forced by NY Republicans in one way or another or were bribed with the promise of political brownie points.
One of the worst things ever to happen to the State of New York is the election of Sheldon Silver to the State Assembly coupled with his ascension to the Speaker’s chair.
He is singularly incapable of understanding the simplest of economic facts: that raising taxes during a recession will always, always, always serve to lengthen and deepen the economic troubles being experienced. The consequences include loss of jobs, growth in inflation rates and a depression in real estate prices.
So, when New Yorkers end up unemployed and living in houses whose mortgage is greater than their appraisable values, the only ones to blame are Speaker Silver and Gov. Paterson.