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.