Budget Office Predicts Unprecedented Revenue Decline
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The city's Independent Budget Office predicts that revenue from business taxes will decline for an unprecedented third year in a row.
In a report released today, the IBO says is due mainly to the Wall Street meltdown and its fallout.
Last year there were five major investment banks in the city, but now there are none. They've all been forced out of business, sold off, or converted to commercial banks.
The IBO says tax receipts will fall from $5.4 billion last year to $4.1 billion this year -- a record drop of more than 23 percent.
It forecasts an even further drop to $2.7 billion next year.