The city’s Independent Budget Office has some ideas for incoming Mayor-elect Bill de Blasio to boost revenue and save cash as he prepares to take the reins of City Hall.
As part of its annual wish list, the group has suggested boosting the city’s tax rate on alcohol–and adding new tax on wine–to rake in nearly $50 million in extra revenue a year.
It’s no secret that local and state governments are starved for revenue. Fortunately, most have avoided broad-based tax increases that kill economic growth and the jobs that come with it. But governments have been less wise and less creative when it comes to producing new revenue streams.
With any luck, that’s about to change. States Read More
State Comptroller Thomas DiNapoli hasn’t delivered much in the way of good news since taking over from Alan Hevesi, who resigned in disgrace in 2006. But the other day, the man who keeps the state’s books and watches over its pension funds had reason for a slight smile. New York, he announced, collected some $800 Read More
Good news from D.C.: The Washington Post Co. is reporting that with its struggling Newsweek property gone, the paper’s publishing revenues were up five percent this quarter. What’s more, online profits skyrocketed a whole 21 percent.
The company, which owns both The Washington Post and Slate Group, was sinking millions keeping Newsweek afloat Read More
Street Riots, Parking
First they came for the parks, then the parking meters.
The city is considering selling off its 54,236 parking meters, scattered across the five boroughs, according to a report in the Post, with an anticipated windfall of $5 billion. Officials tell the tab that nothing is imminent, and the plan runs against Read More
Yesterday morning New York Times Co. announced in a release that it is is performing below expectations in several important financial measures for the third quarter. Total revenue is down more than expected, digital advertising revenue is up less than expected and operating costs are up. CEO Janet Robinson announced the news in person Read More
With the city’s tax revenues melting down along with our local economy, Mayor Michael Bloomberg and people in and around government are floating a number of large and small tax proposals. The idea of tolls on the East River bridges and even the recently defeated proposal to institute congestion pricing are once again getting serious Read More