December 7, 2012 – If the country falls off the “fiscal cliff” and New Yorkers pay $43 billion more in federal taxes next year it would be bad news. That’s the figure state Comptroller Tom DiNapoli came up with and got a lot of attention in the media yesterday. Unfortunately for Mr. DiNapoli’s reputation as a math whiz and fortunately for the rest of us, it is not going to happen. First of all, the number assumes that the country falls off the cliff and remains there because Washington remains stalemated and the tax rules that existed before the Bush tax cuts remain in force. Unlikely.
Link to Full Article: http://mycrains.crainsnewyork.com/blogs/greg-david-on-ny/2012/12/dinapolis-faulty-math-on-the-fiscal-cliff/