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December 10, 2008
Atlantic Yards YES! Income-tax hikes for NYC residents YES!!
AP via Crain's NY Business, Bloomberg demands bigger budget sacrifices...
...except from Atlantic Yards developer Bruce Ratner, who isn't expected to sacrifice anything.
Mayor Michael Bloomberg is plunging his knife back into the budget and ordering all city agencies to slash spending by another 7% for next year, a month after he already proposed unpopular cuts and tax hikes amid a grim economic slowdown.
..."We are going to have an enormous problem," Mr. Bloomberg told reporters Tuesday. "Even with all of the cuts that we have proposed, even with all of the revenue increases that we've proposed, we probably have a few billion dollars deficit."
...Mr. Bloomberg also has said he is not ruling out raising income taxes. Those could go up by as much as 15%, meaning an annual increase of $233 for a resident earning between $50,000 and $70,000 a year.
NoLandGrab: Mr. Bloomberg, of course, has proposed no cuts to the Atlantic Yards project, nor any revenue increases. In fact, while he contemplates raising the income taxes of city residents, we should point out that the Atlantic Yards project would be exempt from the mortgage-recording tax, sales taxes on arena construction materials, property taxes for at least 30 years, any taxes on arena bonds, etc., etc., etc.
Posted by eric at December 10, 2008 2:29 PM