Bloomberg May Raise Taxes By 15%

Photo courtesy AP/Louis Lanzano

With all of the headlines going to the plethora of angles to come out of the big Election Night fallout, Mayor Bloomberg took the opportunity yesterday to drop a bombshell on us: personal income taxes for city residents could be going up as much as 15%. That idea came out of the mayor's press conference yesterday addressing the grim state of the city economy where he also revealed that the previously promised $400 tax rebate would no longer be happening. That's a move that even #1 Bloomberg ally Speaker Quinn said she was troubled by.

The budget maneuverings are the most dramatic ones the mayor has proposed since after 9/11 when he raised sales and income taxes, as well as property taxes by almost 20%. A 15% increase on income taxes would mean that those making between 50k and 75k a year would be paying almost $250 more in annual taxes. That's enough to prompt the Daily News to include a poll alongside their story: "If income taxes are raised up to 15%, would you consider moving out of New York City?"

And how does this all play into the mayor's campaign for a historic third term with Election 2009 now in the immediate horizon? Is he playing reverse jujitsu knowing that raising taxes is such an unpopular election year move that it would make New Yorkers cling to him tighter in the face of just how severe economic conditions are? In an interview with WCBS Radio just this morning, the mayor said, "The tougher things are going to get, the more obligation I have to stay here."

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By Billy Parker in News on November 6, 2008 4:11 PM

Comments [rss]

YELLOWFOOT

Its not just the extra 15% a yr. its the 15% on top of the ridiculous percentage we already pay.

TKaisen

Yay for another itemized deduction.

/Bright side.

KosherPickle

Felix Hoenikker

What did everyone expect. The city made a lot on taxing all that funny money in Wall St.

Poof! Now it's coming out of our pockets.

goyogago

"cut the budget and raise taxes. only a true economic genius like bloompig could have figured that one out." - #18

true. haha. what an egomaniac. i like how now that things are bad, we need him "more than ever"... yet he's had six seven years now to do something to prevent this, but hasn't. what a maniac.

Politburo

"Yeah, but go 24 miles farther and you've got Philly."

Our mayor gave a similar budget pronouncement yesterday. No tax increases (yet?), but planned tax cuts are no longer going to occur, and big cuts in services.

Mike B.

Still want another four years, you piece of shit?

camarilla

$250 is enough for me to buy food for two months. That's a significant tax hike for a place that already has the highest local tax burden in the country, sorry.

It's even worse in light of the astounding amount of government bureaucrat bloating that could be cut instead.

I'd be happy with a wedding factory, Caribbean resorts do them free with your stay, but he wants to get married Catholic style.

The point is, it's mine, I work hard, I save, and the city ROBBETH away.

tsol

If I pay an extra 15% do I get a $1000 rent voucher from the city?

Kojak

I'm not saying its not high enough but its not the type of tax hike that will break the bank. If spending cuts amounting to the same amount are done along side this hike, city finances may end up in better shape then they would have been. Gov't Ahhhnorld in California is taking the same steps and so are many other cities and states. An even handed approach to bridging the gap is the best way to solve this deficit problem.

Your WEDDING camarilla?? That sounds like an extravagance. You need to get your butt to Vegas. Its only $34 for a drive through wedding with Elvis as your DJ.

camarilla

Yeah, but go 24 miles farther and you've got Philly. Good enough for me. I love Philly.

camarilla

Kojak,

It's not the city's money. It's mine. Mine that I'm saving to pay for my graduate education, my wedding, and to live decently (fifth floor walk up in Harlem, I don't buy lunch but make food for the week, modest!).

Steven

It's not like its cheaper any place within a 75 mile radius of NYC.

HUGO_MEGO

#22 KOJAK, what's a matter? 15% isn't high enough for you or are you really Bloomberg himself?

glennQNYC

I'm going to need to win that Congressional Medal of Honor if this shit keeps up...

Kojak

Lets see...

$50,000 is basically approximately $1350 per pay period if you get paid every other week (26 Weeks)

$250 more per year in taxes / 26 Pay period weeks = 9 Dollars and 61 Cents.

THIS IS AN OUTRAGE!!! Those 50k earners will have to switch from Fancy Feast to Kibbles-n-Bits.

For Shame Mayor Bloomberg... FOR SHAME.

camarilla

You have got to be kidding me.

$50,000 is barely enough to make ends meet in this city, and he wants us to pay MORE? For LESS?

Fire the bloated, lazy, incompetent city staff. Hire one intelligent, hard-working person

to replace every four of them. Pension reform.

I was planning on moving, but now I can't move fast enough.

HUGO_MEGO

Piece of shit Bloomberg overrides the will of the people and elects himself for a third term and then raises taxes 15%. How do you like them apples?

KosherPickle

well after working only 5 days in 3 months its time to say goodbye. Canada accepted my application. I shall be moving to ontario canada. going to work as a painter for a huge company there. its been real. Keep your bloomberg im done. And no I dont have a house to sell , i rented lol

GaryK

wow - cut the budget and raise taxes. only a true economic genius like bloompig could have figured that one out. now i see why we need him as mayor for 12, 16, 20+ years.