Hoping for big Wall Street bonuses to fund Gov. Paternon's budget, the State is finding that the much maligned financial sector is giving bonuses but not the kind that will help. Many of the financial giants are giving stock options, which won't be exercised for several years and therefore can't be taxed for 2009. This has caused lower than usual personal income tax revenues resuling in a $1 billion dollar shortfall for January 2010.

So, as Wall Street continues to face addtional taxes from President Obama's “Financial Crisis Responsibility Fee” (FCRF)and poor public relations on bonuses, NY will see less income tax revenue. This will only add to the budget deficit and we can all expect Governor Paterson to spread the pain to all New Yorkers.