Wednesday, December 12, 2007

Bloomberg blocks tax break

Mayor Bloomberg is urging state lawmakers to block a reduction in the city's sales tax that, if it takes effect as scheduled in July, would save consumers more than $1 billion a year.

Mayor Wants To Extend Sales Tax

Rules dating back to the city's fiscal crisis of the 1970s call for the sales tax charged in the city to drop 1 percentage point, to 7.375%, this summer. Mr. Bloomberg is working to make sure the scheduled tax cut never happens.

The Bloomberg administration is asking Albany legislators to authorize a tax increase that cancels out the reduction so that the tax remains at 8.375%.

During the fiscal crisis of the 1970s, the state raised the city's portion of the sales tax to four cents on each dollar of goods sold from three cents to create a revenue stream dedicated to bailing out the city from its financial troubles. When the law that imposed a financial control board on the city expires on July 1, 2008, the sales tax increase also is set to dissolve.



verdi said...

I just can't wait
to see the doors of city hall
hit Bloomberg in the ass
on his way out of office!

Anonymous said...

Leave the tax break alone Mr. Mayor Billionaire!I won't be able to shop Bergdoff's anymore because of it and have to shop at Sak's Off 5th store in Westbury LI instead - horrors! Worse I may have to shop in Queens center Mall if I get the Ax at Merril this month - give up the Trump Tower Pied A Terre too!

Taxpayer said...

Of course this turtle-faced commissar blocks even a trivial tax break.

Causing pain and distress for ordinary (Little) people is a form of amusement and entertainment for this bloodless and untalented freak of nature.

Why else have power if it can't be used against your enemies?

Anonymous said...

good news

Julie said...

Maybe if the city didn't give billions of dollars in tax breaks to developers, we could reduce the sales tax. Maybe if this administration hired more building inspectors, the fines they issued would generate more revenue to fuel the economy.

Anonymous said...

What's with the 25 or 30 year tax abatements on condos?

Anonymous said...

Mayor Bloomberg won't be happy until he drives all the middle class people out of New York City. Manhattan will house the rich people and the poor people will live in the outer-boroughs living 12-15 people to a house or apartment. That's the only way people will be able to survive and pay their bills. Pray to God that he doesn't run for president. All the Americans will have to find another country to live in that is affordable.

Anonymous said...

What's with the 25 or 30 year tax abatements on condos?

Wow the answer is above, remove the tax abatement on all new development to eliminate the builder's crap incentives.

Anonymous said...

I will be honest I don't understand is in 2004 during his state of the Union he said quote on quote he would never support an increase in the sales tax when Gov.Pataki proposed an increase in it, but yet here Filp-Flop Mike has now decided to put the burden on the backs of hard, working honest New Yorkers.

Last I check you don't increase taxes in a slowing economy, a damn shame. I have written a letter to the Mayor's office to be mailed tomorrow.

Anonymous said...

King Michael at it again.