NYC Budget Gap to Widen as Office and Hotel Property Values Drop
New York City’s budget gap will widen to $5.3 billion in the next fiscal year, as projected tax revenue from offices and hotels plummet, Mayor Bill de Blasio said Thursday. … Read More
Tag: Tax Revenue
Malaysia Faces Revenue Crunch as Spending Mounts on Virus Woes
Malaysia will enter 2021 with its biggest spending plan yet to spur its virus-hit economy, but concerns are focusing on how to foot the bill after a sovereign-rating downgrade earlier … Read More
New York Sees Push to Tax Stock Trades With Revenue in Free Fall
Democrats in New York, the world’s financial capital, may finally have the right moment to resurrect the state tax on stock trades. One-fifth of the state’s revenue is disappearing, leaving … Read More
Boardwalk City Hit Hard by Loss of Sales-Tax Revenue in Pandemic
(Editor’s note: This is the third in our “Stories of Summer” exploring the impact of Covid-19 on the global economy, telling the larger story of a once-in-a-multi-generational crisis through the … Read More
U.S. Cities Seen Losing $360 Billion of Revenue From Economic Rout
U.S. cities are projected to lose about $360 billion of revenue through 2022 because of the economic damage caused by the coronavirus pandemic, an unprecedented loss that would trigger deep … Read More