Big hit for New York residents in fiscal cliff, says DiNapoli (AP / WS Journal)

December 5, 2012 – New York residents stand to face $43 billion in tax increases if Washington can’t find a way to avoid the fiscal cliff at the end of the year, state Comptroller Thomas DiNapoli says in a report he was scheduled to present Thursday. DiNapoli said the many cost-cutting and tax-increasing measures that would automatically kick in without a budget deal between Congress and President Barack Obama’s administration will result in thousands of dollars lost to each family in the state. “There is real danger for New York’s economy if America goes over the fiscal cliff,” DiNapoli said in a statement.

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