City officials are considering an increase in the city’s personal income tax as they confront multibillion-dollar budget gaps in coming years, Council Speaker Christine C. Quinn said on Wednesday.
In remarks to the Citizens Budget Commission, a nonprofit civic association, Ms. Quinn said that even after the city rolls back a 7 percent property tax cut it enacted last year and agencies fulfill budget cuts ordered for this fiscal year and next, the city would still have not raised enough to bridge a $5.2 billion gap projected for the 2011 fiscal year — a figure that does not take into account the effects of the worldwide financial crisis.
“Hopefully, we’ll be able to find some stuff through creative, different ways, but the truth is, some of it will have to come from tax increases,” Ms. Quinn said.
City Said to Explore Rise in Personal Income Tax
Hey if only we didn't give huge tax breaks to developers, weren't paying for 3 new stadiums we don't need, weren't trying to develop new residential neighborhoods where there are none now, driving viable businesses out, then maybe, just maybe we wouldn't need to do this! But Christine and Mike have known better all along what's best for us. Like extending term limits. According to them, what's best for us in this sagging economy is to pay more out of our pockets for more of the same.
FOUR MORE YEARS!!! FOUR MORE YEARS!!!