Originally published at: ECONOMICS 101: Tax Revenue DROPS $2.8 BILLION as Wealthy FLEE NY, Budget in Total Crisis | Sean Hannity
New York Governor Andrew Cuomo confirmed Tuesday that his state is facing a major budget crisis after local tax revenue plummeted $2.8 billion; announcing he will revise the 2019-2020 budget to reflect the decreased finances.
“Gov. Andrew M. Cuomo on Monday announced a dramatic drop in state income tax revenue of $2.8 billion, which he says will prompt him to revise his 2019-20 budget and reconsider spending on schools, health care and repairs to roads and bridges,” reports Newsday.
“At this point there is no doubt that the budget we put forward is not supported by the revenues,” Cuomo said in Albany. “It’s as serious as a heart attack.”
“I fear it’s going to get worse before it gets better,” said state Comptroller Thomas DiNapoli. “It’s not all gloom and doom, but it’s a matter of very, very serious concern.”
Read the full report at Newsday.
