http://www.reuters.com/article/domesticNews/idUSTRE4926AT20081003
Wall Street just got paid
NEW YORK (Reuters) - New York Governor David Paterson on Friday said he feared Wall Street bonuses could plunge 60 percent and capital gains tax collections will plunge around 50 percent.
Noting at an economic summit that these were his personal estimates, not ones calculated by economists, the Democrat also issued slightly less pessimistic forecasts for a 40 percent drop in Wall Street bonuses though that would cost the state $20.7 billion in lost tax revenues.
And capital gains tax collections might only fall 35 percent or $38 billion, he said, explaining he had feared worse results because the state's latest tax data were issued on the same day that Lehman Brothers collapsed. Since then, banks and brokerages have taken even more body blows.
