NEW YORK, Dec 19 (Reuters) - New York lost $178 million in tax revenues because six top Goldman Sachs executives decided to skip bonuses, New York Gov. David Paterson said on Friday, underscoring the budget pain inflicted by Wall Street's troubles.
The financial sector is the bedrock of New York's economy and it usually pays the state 30 percent of all its tax revenues in the January to March quarter, versus the 20 percent average for the full year, Paterson said in a telephone call with reporters.
The rise in revenues in the first quarter of each year occurs because this is when the companies often pay their employees the lion's share of generous bonuses.
(Reporting by Joan Gralla; Editing by Leslie Adler) Keywords: NEWYORK BONUSES/ (joan.gralla@thomsonreuters.com; +1-646-223-6345; Reuters Messaging: joan.gralla.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2008. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The financial sector is the bedrock of New York's economy and it usually pays the state 30 percent of all its tax revenues in the January to March quarter, versus the 20 percent average for the full year, Paterson said in a telephone call with reporters.
The rise in revenues in the first quarter of each year occurs because this is when the companies often pay their employees the lion's share of generous bonuses.
(Reporting by Joan Gralla; Editing by Leslie Adler) Keywords: NEWYORK BONUSES/ (joan.gralla@thomsonreuters.com; +1-646-223-6345; Reuters Messaging: joan.gralla.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2008. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.