WEINER DETAILS TAX CUT PLAN

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HUNDREDS OF DOLLARS OF SAVINGS

FOR MIDDLE CLASS NEW YORKERS

 

New York City – Today, Rep. Anthony Weiner (D-Queens & Brooklyn) released details of his plan to cut taxes for all New Yorkers making less than $150,000 a year.

THE WEINER MIDDLE CLASS TAX CUT:

A Single Filer:	Making:	Tax Cut:
	$50,000	$171
	$75,000	$353
	$125,000	$457
	$150,000	$562
A Joint Filer:	$50,000	$163
	$75,000	$253
	$125,000	$435
	$150,000	$526
A Head of Household:	$50,000	$169
	$75,000	$259
	$125,000	$442
	$150,000	$546

Note: figures are for taxable income.

Weiner proposes cutting taxes on every New Yorker making less than $150,000 a year by 10%.

The cost of the plan: $207 million.

To pay for it, Weiner would cut or reform the bottom 5% percent worst performing city programs every year, effecting up to $1.7 billion in savings for the City.

In addition, Weiner would create a new 4.67% tax bracket for New Yorkers making $1 million a year or more in income, which would generate an additional $79 million in revenue for the City.

And Weiner would fight to make the state pay taxes on their city owned real estate, a proposal that would generate $1.5 billion in additional revenue for the city.

The substantial savings over and above the cost of the tax cut under the Weiner plan would be allocated for other key priorities, like increases in education, health care, anti-poverty programs and affordable housing.

“Middle class New Yorkers pay too much in taxes,” said Rep. Weiner. “This is a tax cut for every middle class New Yorker, whether you own a home or live in an apartment. We can ease the tax burden on our middle class by cutting wasteful spending, and asking the very wealthy to do a little more. Not only is it fiscally sound, it’s the right thing to do.”