Wall Street Gives a Boost to State Revenue

Wall Street Helps Bump Up State Revenue

State revenue is projected to increase $5.3 billion in the next fiscal year, thanks to higher-than-anticipated Wall Street revenue and tax receipts, Raga Justin reports.

Blake Washington, New York’s state budget director, said Wednesday during a meeting of budget officials from the legislature and governor’s office that bonuses from a stronger-than-expected performance by Wall Street firms and a jump in personal income tax collections are projected to drive the increase.

The current fiscal year also benefited from the boost, bringing New York’s total tax revenue for this fiscal year up to $121.8 billion ...