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June 15, 2009
Atlantic Yards YES! New York City's sales-tax payers, NO!!
While Bruce Ratner will reap millions in savings because the Empire State Development Corporation has exempted all Atlantic Yards arena construction materials from sales taxes, the New York City Council has just endorsed a sales tax increase for the rest of the city's taxpayers.
City Room, City Council Endorses Sales Tax Increase
By a 37 to 10 vote, the New York City Council on Monday called on the State Legislature to raise the city’s share of the sales tax to 4.5 percent from 4 percent, a move that is expected to raise $518 million in the fiscal year that starts next month and help alleviate some of the city’s mounting fiscal pressures.
If Albany goes along with the proposal, which Mayor Michael R. Bloomberg has described as essential, the sales tax in the five boroughs would rise to 8.875 percent from 8.375 percent. (The state’s sales tax is 4 percent, and the city, as part of the area served by the Metropolitan Transportation Authority, pays a Metropolitan Commuter Transportation District surcharge of 0.375 percent.)
NoLandGrab: One of the causes of the "city’s mounting fiscal pressures" is the massive giveaway, in cash and tax breaks, to Bruce C. Ratner's Atlantic Yards project, which, you can be sure, Mayor Michael R. Bloomberg considers "essential."
Posted by eric at June 15, 2009 10:14 PM