However, Apple Inc.'s (NASDAQ: AAPL) products aren't Paterson's only targets. He has proposed 88 new fees and taxes that go far beyond, including on movie tickets, taxi rides, soda, beer, wine, cigars, massages, cable and satellite TV.
That's just one aspect of Paterson’s proposed $121.1 billion budget released yesterday. The budget attempts to make state government leaner while relying on a wave of new taxes and fees that will be passed down to businesses.
The proposed budget is balanced and holds state spending just under the inflation rate. The budget also erases a combined $15.4 billion in budget gaps over the next 15 months.
Paterson revealed his budget amid the unrelenting shake-up on Wall Street that has already depleted state tax revenue and triggered tens of thousands of layoffs. Before this recession, the state’s financial services sector had produced 20 percent of state tax revenue through income taxes, year-end bonuses, real estate deals and initial public offerings on the stock markets.
People never learn that any taxes passed down to business' are just passed onto the consumers. This is how we end up payin up to 50% in total taxes paid form receipt of your paycheck to walking out of 7/11 with a candy bar.
Also when the deficit is erased will the taxes be recinded? Nah, I don't think so. Welcome to the #1 Blue state.
JR14 out
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