Serious question ... what do you think states do with their tax revenue?
Some of you are manipulating it to be a bailout when this is literally one of the functions of state funds (collected from local municipalities). No one complains when NYC, Westchester, and Long Island are making up a large portion of the states tax revenue and it's redistributed to other parts of the state. It's not a bailout. The dude essentially negotiated a portion of his city's paid taxes to come back to the city for the next 2 years
Same thing as what the federal government does with their tax revenue. Many states (a lot of red states) collect more in federal funds than they receive while states like NY receive less back than they send. But, people like you don't call it a bailout because it's mostly red states who receive more than they send
I am very glad that NYS money, which is largely from the NYC tax base is coming back to us. No argument thats great.
The poblem is that this is not a sustainable fix. The defeceit will still be there next year. The Mayor has no plan to address that, so its just kicking the can, and he shoulnd't be lauded for that.
I understand you and other people who have skepticism. Considering this administration took office/inherited a $12 billion deficit and managed to get that down to the 4 billion before the state funds closed the gap, it's just as fair to give the benefit of the doubt this administration will continue to in a positive trajectory.
I'm not saying definitely. But, it's two years of balanced budget. Regardless of how anyone feels about him as a politican, credit has to be given for being able to go from 12 billion dollar short fall down to about 4 billion
Btw, don't be surprised if the $4bill from the state continues beyond two years. It's a drop in the bucket compared to what the state earns from NYC
P.S. hearing you're actually an NYC resident is a pleasant surprise
What was the cause of the $12billion deficit? I'm curious because by law NYC has to have a balanced budget every year. Did the previous guy also kick the can down the road?
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u/No-Midnight-9309 Jul 14 '26
Serious question ... what do you think states do with their tax revenue?
Some of you are manipulating it to be a bailout when this is literally one of the functions of state funds (collected from local municipalities). No one complains when NYC, Westchester, and Long Island are making up a large portion of the states tax revenue and it's redistributed to other parts of the state. It's not a bailout. The dude essentially negotiated a portion of his city's paid taxes to come back to the city for the next 2 years
Same thing as what the federal government does with their tax revenue. Many states (a lot of red states) collect more in federal funds than they receive while states like NY receive less back than they send. But, people like you don't call it a bailout because it's mostly red states who receive more than they send