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State Comptroller Tom DiNapoli says falling off the fiscal cliff does not portend good news for New York State.

DiNapoli said the many cost-cutting and tax-increasing measures will affect New York families and cause the state to face $43 billion in tax increases.

If Washington fails to agree on a plan to avoid the fiscal cliff, DiNapoli says the payroll tax rate will increase by 47 percent for employers and “immediately reduce paychecks,” as well as affect federal funding for state and local government for years to come, leading to higher taxes or reduced services.

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