NYC to Pay Back $800 Million in Business Taxes

Yet another reason to feel some gloom and doom about the city's budget: $804 million in business tax refunds! The NY Times reports that since companies overpaid their taxes (they estimate based on the previous year's earnings, which were much more flush than now), the city refunded a big chunk of money that's "three times the amount typically returned." The article also mentions: "The surge in refunds is already contributing to a new $285 million shortfall in the current year’s budget, thus making it imperative, city officials say, to cut programs and raise taxes even earlier than anticipated." Better buckle up.