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Why Taxpayers and Businesses in Upstate New York Need to Get Engaged Now!

Why Taxpayers and Businesses in Upstate New York Need to Get Engaged Now!

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  • 1. New York’s Numbers Why Taxpayers and Businesses Need to Get Engaged Now!
  • 2.
    • Fiscal Reality
  • 3.
    • $2,200,000,000
      • Projected shortfall after the budget was passed
  • 4.
    • $3,100,000,000
    • Projected deficit in July
  • 5.
    • $4,100,000,000
    • Current projected deficit by Comptroller DiNapoli
  • 6.
    • $7,000,000,000
    • Federal stimulus $$$ used this year to offset spending increases
  • 7.
    • $8,000,000,000
    • New taxes and fees in the recently enacted budget to offset spending
  • 8.
    • $9,200,000,000
      • Projected budget deficit next year
  • 9.
    • $38,000,000,000
      • Projected deficit over the next 3 years
  • 10.
    • $149,000,000,000
    • Projected state budget for 2012-13
  • 11.
    • Realistic Trends
  • 12. For a quarter century New York State spending has been growing steadily New York State Operating Fund Disbursements, New York State Personal Income and U.S. Consumer Price Index , 1984-2009 (indexed, 1985 =100) Sources: State of New York, Office of State Comptroller, United States Department of Labor, Bureau of Labor Statistics, Consumer Price Index, All Urban Consumers (CPI – U), United States Department of Commerce, Bureau of Economic Analysis, Regional Economic Accounts, State Annual Personal Income
  • 13. 67% of the budget goes to school aid, Medicaid, and employee salaries and benefits New York State Operating Spending by Major Category $78.2 B Fiscal Year 2008-09 Cash Disbursements Source: New York State Division of Budget, Fiscal Year 2009-10 Financial Plan, First Quarter Update, July 30, 2009
  • 14. Personal Income, Sales / Use, and Business Income Taxes equal 75% of the base State Operating Revenues by Major Category $75.2B Fiscal Year 2008-09 Cash Receipts Source: New York State Division of Budget, Fiscal Year 2009-10 Financial Plan, First Quarter Update , July 30, 2009 New York State Division of Budget, Fiscal Year 2009-10 Financial Plan, First Quarter Update , July 30, 2009
  • 15. Big taxes are shrinking – Down by 23% from last year and 8% from the original enacted budget projection for this year General Fund Tax Collections for Three Major Taxes* April to August - Last Year Compared to this Year Down 23% Source: New York State Comptroller and New York State Division of Budget Notes:*Personal Income Tax adjusted for State-City offset payments $17.0B $13.1B