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InsiderOnline Blog: October 2004

What Would Happen In NY?

If there had been no Bush tax cut? Short answer? Ouch.

The Manhattan Institute explains:

Through 2004, New York State’s share of the income tax cuts will total nearly $36 billion, including $15 billion in savings for New York City residents.

In 2004 alone, tax cuts will amount to a 2.7 percent average boost in after-tax income for New York residents.

In addition, reductions in dividends and capital gains tax rates contributed to a strong rebound in stock prices in 2003, providing vital aid to the city's financial services sector.

Posted on 10/21/04 02:45 PM by Mary Katherine Ham

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