"Today, I'm releasing the City's preliminary budget. After years of fiscal mismanagement, we're staring at a $5.4 billion budget gap - and two paths. One: Albany can raise taxes on the ultra-wealthy and the most profitable corporations and address the fiscal imbalance between our city and state. The other, a last resort: balance the budget on the backs of working people using the only tools at the City's disposal,"
"As the mayor of New York City, I have a legal obligation to balance the budget. I will meet that obligation,"
"Faced with no other choice, the city would have to exercise the only revenue lever fully within our own control. We would have to raise property taxes. We would also be forced to raid our reserves,"
"This would effectively be a tax on working and middle class New Yorkers, who have a median income of $122,000,"
The city faces a $5.4 billion budget gap for fiscal year 2027. The preliminary budget includes a proposed property tax increase described as a last resort. The state is urged to raise taxes on ultra-wealthy individuals and the most profitable corporations to correct a fiscal imbalance between city and state. Without state revenue changes, the city would raise property taxes and draw from reserves, shifting burdens onto working and middle-class households with a median income of $122,000. The city council must approve the budget and the mayor presents taxing wealth and corporations as the alternative to local tax increases or cuts.
Read at Fox Business
Unable to calculate read time
Collection
[
|
...
]