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Paterson: Less Wall St. Bonuses Mean Less State Tax Revenue
By
Billy Parker
Published Dec 20, 2008
Modified Dec 20, 2008
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By
Billy Parker
Published Dec 20, 2008
Modified Dec 20, 2008
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In what continues to be a familiar story of cat and mouse in politicians pointing the finger as to where funds aren't coming from, Governor Paterson yesterday claimed the state lost hundreds of millions in tax revenue because less big Wall Street bonuses are being given out this year. Many CEOs and senior executives agreed to take significantly smaller (or no) bonuses after pressure from Attorney General Andrew Cuomo, in the end nearly halving last year's total of $50 billion in bonuses. Paterson originally claimed that Goldman Sachs' lack of bonuses alone would cost the state $178 million, but an aide later clarified that was just an estimate of how much taxable income was lost. Still the governor sounded grave saying, "This is a very, very difficult year for Americans. But I don't think it has been fully realized ... it could theoretically become another depression, it is that difficult."
Tagged
andrew cuomo
bonuses
deficit
financial bailout
goldman sachs
governor paterson
recession
wall street
Billy Parker
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