Monday, August 11, 2008

Somewhat Ominous


NEW YORK (Reuters) - Some Wall Street companies might not resume paying New York City taxes for "a number of years" because they can offset future profits with the losses they are currently suffering, Mayor Michael Bloomberg said on Monday.

"I think it will be a number of years before they start paying taxes again," the mayor told a news conference. "Look at those losses. They can carry them forward for a number of years."

Big expected deficit ahead.