DiNapoli: State Tax Collections Outperform Budget Division Projections for 2023-24

Summary

The article discusses New York State's tax collections, showing higher-than-expected revenue but a decline in personal income tax due to lower rates. Financial planning comes into play as state policymakers are urged to consider fiscal risks like inflation and federal interest rates, particularly in the context of budgeting, deficit reduction, and the political debate surrounding the U.S. federal budget.