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Newspaper
Independent
Location
Long Beach, California, United States of America
Date
Dec 21, 1975
Page
7
Gov. Carey signs bills increasing corporate tax to 10 percent and bank tax to 12 percent retroactive to 1975, plus a 20 and 30 percent surcharge. A monthly sales tax collection switch adds 80 million. Critics warn of higher prices and out-migration as lawmakers face a 1.6 billion budget gap.
Senate approved a census based funding rule that would cut New York State federal aid by up to 200 million annually through 1980 as mid-decade population declines shift funds. New York and Rhode Island were the only states to lose population, with New York already gaining in transit aid but facing broader losses if Medicaid and dependent child aid are removed.
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