How a record year for Wall Street could boost tax revenue for New York

By NY1

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New York State Comptroller Tom DiNapoli says Wall Street is heading for a record year, providing a boost to state tax revenue as New York begins looking toward its next budget. A new report from DiNapoli’s office shows Wall Street profits totaled $45.9 billion through the first half of the year, the highest two-quarter result on record. If the current pace of growth continues, annual profits could exceed a record $90 billion in 2026. “Wall Street is headed for a record year; profits are up significantly,” DiNapoli said. “Probably a much higher bonus pool than we had last year; all of that will mean more tax revenue for New York state,” DiNapoli said. Some of that revenue supports the state budget, but the report also raises a question that has plagued fiscal discussions in recent years as Wall Street has been on a hot streak: What message should state leaders take from it? #NY1 #NYC #News -------- For more on this and the latest NYC news: https://ny1.com/nyc/all-boroughs/politics/202

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