Anthony Weiner for Mayor

Wednesday April 20

WEINER AND FERRER TAX PLANS--SIDE BY SIDE

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WEINER: “TWO VERY DIFFERENT VISIONS”

FOR NEW YORK’S MIDDLE CLASS

Yesterday, Fernando Ferrer declined to discuss his tax plan, saying that he wanted to hear more about Rep. Anthony Weiner’s first.

Today, Rep. Weiner (D-Queens & Brooklyn), who first detailed his plan during a speech on April 12, released a side-by-side analysis of the two plans:

Ferrer Weiner

City Savings and Cuts

None

Cut and re-program 5% poorest performing City programs annually, for savings of up to $1.7 billion each year.

Tax Plan

New stock transfer tax.

No middle class tax cut.

Across the board 10% cut for New Yorkers making less than $150,000 annually coupled with

progressive new bracket increasing rate from 4.45% to 4.67% for New Yorkers making greater than one million dollars a year.

New State Revenue

None

Almost 1,000 New York State owned properties in the City are currently excluded from City tax rolls, only 12 are not fully not tax exempt. (Overall, New Yorkers currently receive 51 cents on the dollar from Albany.)

Instituting a tax on state and state public authority owned city properties saves $1.5 billion.

Total Revenue

$1 billion

$3.1 billion

“Yesterday, one of the candidate's for Mayor declined to answer questions about his tax plan until he heard more about mine,” Weiner said. “That's fine. New Yorkers should compare our two very different visions for New York’s middle class, and those struggling to get there.

“I have a real plan thathelps our city's middle class.

“I don't attack whole industries, I don't rely on more of the same, and I offera concrete plan thatis a real alternative to Mike Bloomberg's top down approach. The contrastbetween my approach and my opponents is important.

“My pro middle class plan rests on three pillars:a commitment to cut waste 5% a year from City budget; a real plan to take onAlbany by taxing the $1.5 billion worth of unpaid State and authority owned property in the City; and a more progressive tax code that cuts taxes 10% on New Yorkers making less than$150,000 -- andraises them on people making more than one million a year from 4.45 to 4.67%.

“This combination of fiscal austerity, sensible budgeting, and targeted tax cuts saves $3.1 billion a year.

“With these funds,my budget takes on the priorities of the City -- paying for increases toteacher salaries and a back to basics approach in ourschools, a real effort on child poverty and hunger, more cops on the street, an affordability initiative on health and housing.”

Weiner unveiled his plan on April 12th, at a speech at Fordham University. Mr. Ferrer announced his stock transfer tax proposal on April 18.

	Ferrer	Weiner
City Savings and Cuts	None	Cut and re-program 5% poorest performing City programs annually, for savings of up to $1.7 billion each year.
Tax Plan	New stock transfer tax. No middle class tax cut.	Across the board 10% cut for New Yorkers making less than $150,000 annually coupled with progressive new bracket increasing rate from 4.45% to 4.67% for New Yorkers making greater than one million dollars a year.
New State Revenue	None	Almost 1,000 New York State owned properties in the City are currently excluded from City tax rolls, only 12 are not fully not tax exempt. (Overall, New Yorkers currently receive 51 cents on the dollar from Albany.) Instituting a tax on state and state public authority owned city properties saves $1.5 billion.
Total Revenue	$1 billion	$3.1 billion