Wall Street profits surge in the U.S., boosting New York State tax revenue.

New York State tax revenue surged sharply, driven by robust trading activity in financial markets, with Wall Street profits on track to hit a record high. New York State Comptroller Thomas DiNapoli announced on the 16th that state tax revenue for the first half of fiscal year 2026-27 reached $68.5 billion, $7.3 billion above projections. In a statement, DiNapoli noted: "The increase in state tax revenue, particularly growth in personal income tax and corporate tax receipts, stems in part from strength in financial markets." He also said: "But the cost of living continues to rise, and many families are still struggling. The strong growth in financial markets benefits some, and it is essential that the economic gains reach all New Yorkers." Data DiNapoli disclosed this month shows Wall Street profits of about $46 billion in the first half of this year, far exceeding expectations; at the current pace, full-year profits are expected to top $90 billion, setting a record high. As a result, bonuses are also expected to reach a record peak, further boosting personal income tax revenue. In New York City, the securities industry employs more than 200,000 people. In the fiscal year ended June 30, the securities industry contributed about $8 billion in tax revenue to New York City, up 15.8% year over year; total city tax revenue rose about 7% year over year.