New Yorkers facing $43 billion in tax increases if fiscal cliff is not avoided
Thu, 06 Dec 2012 11:03:21 GMT —
State Comptroller Thomas DiNapoli says New Yorkers face $43 billion in tax increases if Washington can't find a way to avoid the "fiscal cliff."
DiNapoli says the many cost-cutting and tax-increasing measures that would automatically kick in without a budget deal between Congress and the Obama administration will result in cost each New York family thousands of dollars.
DiNapoli is scheduled to release his analysis of the impact of the budget dispute on Wall Street and New York at the Business and Labor Coalition of New York event Thursday morning in Manhattan.
He found failure to agree on a fiscal plan in Washington will, among other things, sharply increase federal taxes for all working New Yorkers on Jan. 1.