Australian shares are set for a muted open after US stocks stumbled. IMF cuts US growth forecast. Twitter sues Musk. Follow updates here.
New York City’s estimated personal income-tax payments in June declined to the lowest level since 2017, marking the first sign that the stock-market tumble is hitting the revenue of the financial capital, according to City Comptroller Brad Lander.June’s estimated payments, which are closely tied to capital-gains realisations, were 31 per cent lower than the same period last year, data released on Monday by the fiscal watchdog showed.
Although New York City’s economy has diversified in recent years, the high-paying securities industry still accounts for a disproportionate share of income-tax collections. This sector has benefited from the lopsided recovery from the pandemic. Indeed, overall personal income-tax collections are 5.1 per cent higher year-over-year, primarily due to taxes withheld from monthly wage earners, Lander reported.
But the boost from higher salaries and job growth may fade, the comptroller said. “These gains are likely to dissipate with economic growth slowing and a forecast decline in Wall Street bonuses,” Lander said in the report. New York City’s adopted budget takes into account a slowing economy and stockmarket declines. The budget projects total personal income-tax revenue will decline 7.7 per cent in fiscal 2023 compared to fiscal 2022.
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