Economics
Cuomo Tax Plan Leaves Investor Confidence Unscathed: Muni Credit
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New York Governor Andrew Cuomo, who faces re-election in November, wants to use a projected $2.2 billion surplus to cut taxes. That’s fine with bond investors, who say that three consecutive on-time budgets leave the state on a path of fiscal improvement.
The 56-year-old Democrat wants to lower levies on businesses and homeowners as the extra yield that bondholders demand to buy New York general obligations has shrunk to the smallest since at least March. The state is poised for its highest credit rating since 1972.