Tag: New York

DiNapoli: Tax Revenues Through December Were $2.5 Billion Lower Than Last Year

Mary Pat Campbell

Link: https://www.osc.state.ny.us/press/releases/2021/01/dinapoli-tax-revenues-through-december-were-25-billion-lower-last-year

Excerpt:

State tax receipts through the first nine months of the state fiscal year were $2.5 billion lower than last year, but were $1.8 billion higher than anticipated by the state Division of the Budget (DOB), according to the monthly State Cash Report released by New York State Comptroller Thomas P. DiNapoli.

Tax receipts in the month of December totaled $8.4 billion, $422.5 million above last year, and $1.4 billion above DOB’s latest projections.

Author(s): Thomas P. DiNapoli

Publication Date: 15 January 2021

Publication Site: Office of the New York State Comptroller

New York Lawmakers Float Crackdown on Hedge Funds’ Sovereign-Debt Tactics

Mary Pat Campbell

Link: https://www.wsj.com/articles/new-york-lawmakers-float-crackdown-on-hedge-funds-sovereign-debt-tactics-11612780201

Excerpt:

Some New York lawmakers are planning legislation designed to blunt hedge funds’ ability to resist sovereign-debt restructurings, while easing financial settlements for government borrowers in distress.

New York state Sen. Gustavo Rivera and Assemblywoman Maritza Davila, both Democrats, plan to introduce legislation as soon as this week to allow a supermajority of a nation’s creditors to amend or restructure its debt contracts and bind any dissenters that could otherwise hold out.

Many sovereign bonds in Latin America, Africa, and other emerging markets contain collective-action clauses that require all creditors to honor agreements that a majority of them make with the borrower. But others lack such mechanisms, leaving no ready way for settlements made with majority support to become binding on all members of a creditor class.

…..

A risk of the legislation is that investors would sue to challenge it because it could retroactively change certain contracts already in place. Changing contract rights can be justified under certain circumstances, if doing so advances a compelling state interest.

Author(s): Alexander Gladstone

Publication Date: 9 February 2021

Publication Site: Wall Street Journal

NY pension fund sold off nearly 600K shares of GameStop in last 10 months

Mary Pat Campbell

Link: https://www.lohud.com/story/money/business/2021/01/28/gamestop-ny-state-pension-fund-sold-off-600-k-shares-last-10-months/4283205001/

Excerpt:

New York’s state retirement fund sold off nearly 600,000 shares of video game retailer GameStop since March, leaving it with about 53,000 shares when Reddit-frequenting investors sent its price skyrocketing this week.

After closing out 2020 at a share price nearing $18.85, GameStop closed on Wednesday at a price per share in excess of $347.50 before dropping to around $240 per share as of mid-Thursday.

…..

New York’s Common Retirement Fund, the third-largest public pension system in the country, had owned 647,000 shares at the end of March when the stock was worth $3.50, state records show.

But by Wednesday, the state pension fund owned just 52,900 shares, according to the state Comptroller’s Office, which manages the retirement system. That means the fund sold off more than 590,000 shares at some point in the last 10 months.

Author(s): Mario Marroquin

Publication Date: 31 January 2021

Publication Site: lohud

New York Reveals Another 1,516 COVID-19 Deaths in Long-Term Care Facilities

Mary Pat Campbell
New York Reveals Another 1,516 COVID-19 Deaths in Long-Term Care Facilities

Graph:

Excerpt:

The death toll in New York’s long-term care facilities jumped by another 1,516 this weekend as the Cuomo administration adjusted its reporting on adult-care facilities to include residents who died after being transferred to hospitals.

The newly disclosed deaths represented an almost eight-fold increase for assisted living and other adult-care facilities, which provide non-medical services for their elderly and disabled residents.

Author(s): Bill Hammond

Publication Date: 7 February 2021

Publication Site: Empire Center

States Are Finally Going Bold with Progressive Tax Efforts

Mary Pat Campbell
States Are Finally Going Bold with Progressive Tax Efforts

Excerpt:

As the COVID-19 pandemic began, and again as 2020 drew to a close, we repeated our hope that these trying times would awaken and embolden state leaders to enact lasting solutions to emergent and long-standing needs in their states. Lawmakers in New Jersey and voters in Arizona helped set an example by taking progressive action in 2020.

…..

Thought leaders in Connecticut are making waves with progressive revenue solutions of their own. Connecticut Voices for Children released a major report in December, highlighting several tax policy options with the potential to “ensure that Connecticut’s tax system works to advance economic justice rather than continue to contribute to economic injustice.” Those options include: income tax increases on households with incomes over $500,000 ($1 million for couples) that could raise $504 million to $1.72 billion per year; estate tax improvements to reverse cuts and raise $108-162 million per year; a surcharge on capital gains and other similar income to raise $167-334 million per year; and a mansion tax on homes valued over $1.5 million that could raise $331-663 million. These ideas are already being reflected in bills to be considered by lawmakers this year.

Author(s): Dylan Grundman O’Neill

Publication Date: 4 February 2021

Publication Site: Institute on Taxation and Economic Policy

NY Senate Democrats block subpoena for COVID-19 nursing home death data

Mary Pat Campbell

Link: https://nypost.com/2021/02/01/ny-senate-democrats-block-subpoena-for-covid-nursing-home-data/?utm_source=NYPTwitter&utm_medium=SocialFlow&utm_campaign=SocialFlow

Excerpt:

Democrats who control the state Senate blocked a motion Monday to subpoena records of the Cuomo administration seeking a fuller accounting of nursing home residents who died from the coronavirus.

The motion was made by Sen. Thomas O’Mara, the ranking Republican on the Investigations Committee panel during a virtual meeting

The GOP motion to compel the state Health Department to release records came just days after Attorney General Letitia James issued a blistering report that found Gov. Andrew Cuomo and his health agency withheld an accurate count of the number of nursing home residents who died from COVID-19 by some 50 percent by excluding residents who died after being take to hospitals.

Author: Carl Campanile and Bernadette Hogan

Publication Date: 1 February 2021

Publication Site: NY Post

Mortality with Meep: Excess Mortality in New York and New York City

Mary Pat Campbell

Link: https://marypatcampbell.substack.com/p/mortality-with-meep-excess-mortality

Excerpt:

For the data I have as of 27 January 2021, NYC mortality provides 9% of excess mortality for non-Hispanic Black people in the entire U.S. [8,638 excess deaths for Black people in NYC out of total 99,514 excess deaths for Black people in the entire country].

We get the same statistics for Hispanics in NYC: 97,725 excess deaths for the whole country, and 8,608 in NYC alone.

So excess deaths for these two groups have about 9% each coming just from NYC alone.

Graphic:

Author: Mary Pat Campbell

Publication Date: 30 January 2021

Publication Site: STUMP

COVID-19: NY Health Director Denies Undercount On Nursing Home Deaths After Scathing AG Report

Mary Pat Campbell

Link: https://dailyvoice.com/new-york/northsalem/news/covid-19-ny-health-director-denies-undercount-on-nursing-home-deaths-after-scathing-ag-report/802346/

Excerpt:

New York Health Commissioner Howard Zucker is defending the state following Attorney General Letitia James’ newly released report that alleges COVID-19 deaths in the state’s nursing homes were underreported by as much as 50 percent.

The report found the state negligible for COVID-19-related deaths inside New York nursing homes that had previously gone unreported, which Zucker has denied in a lengthy statement released late on Thursday, Jan. 28, just hours after the report was released.

Author: Zak Failla

Publication Date: 29 January 2021

Publication Site: North Salem Daily Voice

COVID-19: Cuomo Blames ‘Incompetent Federal Government’ After AG Report On Nursing Home Deaths

Mary Pat Campbell

Link: https://dailyvoice.com/new-york/northsalem/politics/covid-19-cuomo-blames-incompetent-federal-government-after-ag-report-on-nursing-home-deaths/802403/

Excerpt:

New York Gov. Andrew Cuomo is taking some heat after attempting to shift the blame on the state’s COVID-19 nursing home deaths by placing the culpability on the “incompetent federal government” after Attorney General Letitia James issued a report that found that deaths may have been underreported by as much as 50 percent during the pandemic.

Author: Zak Failla

Publication Date: 29 January 2021

Publication Site: North Salem Daily Voice

Cuomo’s Tax Ultimatum

Mary Pat Campbell

Link: https://www.wsj.com/articles/cuomos-tax-ultimatum-11611359134?mod=opinion_lead_pos4

Excerpt:

Viewers of Andrew Cuomo’s Emmy-award winning Covid-19 briefings may have noticed how the New York Governor has become increasingly excitable. In this week’s budget show, he pointed an economic gun at New York and threatened to shoot if Washington doesn’t fork over $15 billion.

“If the federal government doesn’t fund state and local governments, it’s going to hurt all New Yorkers,” Mr. Cuomo warned Tuesday while proposing to raise the state’s top income tax rate in New York City to 14.7%. This would be the highest rate in the country, at least until New Jersey Gov. Phil Murphy makes a competing bid.

Publication Date: 22 January 2021

Publication Site: WSJ