"The underlying message from them was the imbalance between the tax money sent to Albany and what the city receives in return. This imbalance is no secret and is generally accepted as a way of life in New York, but it is a costly one for all of us who live here."
"A CUNY Institute for State & Local Governance study published in December found that city taxpayers contributed 58.7% of the state's $70.7 billion in income tax revenue last year, but received just a fraction back."
New York City faces a $5.6 billion budget deficit, prompting Mayor Zohran Mamdani and City Council Speaker Julie Menin to seek solutions before the June 30 deadline. They propose cutting budget excesses and requesting more financial aid from Albany. A key strategy involves reducing the passthrough entity tax credit to generate nearly $1 billion in revenue. However, Governor Kathy Hochul dismissed this proposal, highlighting the ongoing imbalance between tax contributions from the city and the funds it receives from the state.
Read at www.amny.com
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