Anthony's Middle-Class Tax Cut
In a recent speech, Anthony proposed to cut taxes on middle class New Yorkers. Here are some quick points about how it works, how it's paid for, and why it's long overdue.
The proposal: A 10% tax cut for all New Yorkers making less than $150,000.
How its paid for:
- Cutting or reforming the bottom 5% least efficient city programs a year, saving the City up to $1.7 billion annually.
- Creating a new 4.67% tax bracket for New Yorkers making $1 million a year or more, generating $79 million in new revenue for the City annually.
- Requiring the state to pay taxes on city owned property, generating $1.5 billion in new revenue for the City.
Why it is so important:
Anthony disagrees with the Mayor when he says that New Yorkers don't need tax relief.
In fact, it's long overdue.Middle class New Yorkers are working harder than ever to put their kids through school, afford a good place to live, and cover escalating health care costs. Putting a few more dollars in their pockets will not only help drive New York City's economy, it's the right thing to do.
Cutting wasteful city spending, asking wealthy New Yorkers to do a little more, and making Albany pay its fair share is the fiscally sound way to do it.
And under Anthony's plan, New Yorkers will see substantial savings over and above the tax cut. Anthony will allocate those dollars to other key priorities, like increases in education, health care, anti-poverty programs, and affordable housing.
For more details, see the full text of Anthony's speech.