Monday, May 11, 2009

Bloomberg tax plan is bad news for business

From NY1:

The Council is overwhelmingly opposed to the mayor's sales tax plan, an opposition that turned to frustration after Page's response. One member even noted that Bloomberg keeps touting his job creation plan on the campaign trail.

"The administration should consult the campaign, because every time I turn on the television it seems that I am reminded that they know how to quantify jobs," said Councilman James Oddo.

When asked about the impact of his sales tax plan on employment, the mayor, who regularly rattles off numbers from memory, couldn't offer a hard estimate.

"This is not good for job creation. I don't know. We have probably done some estimates," said Bloomberg.

The chairman of the finance committee says Council officials estimate that 1,200 retail jobs could be lost because of the clothing tax repeal.

Council members are floating their own alternatives to the sales tax increase, which would raise the rate by half a percentage point.

The proposals include calls to bring back the commuter tax, raise taxes on wealthy New Yorkers, create a mortgage recording tax on co-op purchases and impose an income tax surcharge.

Hey Oddo, why did your party endorse this guy again?


linda said...

well like the part on raising the tax on the wealthy, i say about fxxking time. but what exactly is a income tax surcharge? you going to tax us more??? wow commuters tax, hmm long island isn't going to like that too much and just think if he had his way with the tolls. retail is going to be hit the hardest, lost of jobs and then people aren't going to shop, especially since they aren't working. yeah bloomberg who endorsed him??? not me.

Anonymous said...

I find the retail sales tax to be the most problematic since it is so easy to shop Jersey or Pennsylvania, or make the threads last another year.

Retail is getting massacred right now and it is a prime training ground for first job holders, a second source of income for the retired, and one of the three jobs of the working poor.