DiNapoli Says New York Residents Will Take Big Hit in Fiscal Cliff

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Credit NYS Comptroller Thomas DiNapoli

New York Comptroller Thomas DiNapoli says state residents will face $43 billion in tax increases if Washington can't find a way to avoid the fiscal cliff.

DiNapoli says the many cost-cutting and tax-increasing measures that would automatically kick in without a budget deal between Congress and President Barack Obama's administration will cost each New York family thousands of dollars.

DiNapoli is scheduled to release his analysis of the impact of the budget dispute on Wall Street and New York at a Business and Labor Coalition of New York event in Manhattan on Thursday.

The fiscal cliff is a combination of expiring tax cuts and spending cuts due to take effect in January. DiNapoli says failure to agree on a fiscal plan in Washington by then will sharply increase federal taxes for all working New Yorkers.

Copyright 2012 by The Associated Press