Tags: bloomberg | tax | increase

Mayor Bloomberg to Cut Jobs, Raise Taxes in N.Y.

Thursday, 06 Nov 2008 09:42 AM

By Jim Meyers

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

New York City Mayor Michael Bloomberg is planning to cut 3,000 jobs from the city work force and raise taxes to help plug a budget shortfall expected to reach $4 billion in the next two years.

The job cuts — through layoffs and attrition — include 1,000 police officers and nearly 500 jobs at the Department of Education.

"The gravity of the budget situation requires us to propose both deep spending cuts and revenue increases," Bloomberg said.

Plans include eliminating a $400 property tax rebate homeowners have received annually and the temporary 7 percent property tax cut implemented last year, Newsday reports.

The mayor also proposed raising the income tax by either 7.5 percent or 15 percent, according to The New York Times.

"Every city agency must push each dollar further," Bloomberg said. "We're going to do that, and doing that means making hard choices that will not be popular with everyone or perhaps anyone."

Peter Vallone Jr., chairman of the city council’s Public Safety Committee, isn’t pleased by the mayor’s plans.

He told Newsday, “The quickest way to hurt the economy even more is to make the streets less safe.”

And Nicole Gelinas of the Manhattan Institute said: “Increasing the personal income tax would be a disaster for the city. It's hard to overestimate that fact. We've already got the highest local personal income tax in the nation."

-

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

GOP Frustrated With Iran Nuclear Talks

Tuesday, 25 Nov 2014 22:08 PM

Republican lawmakers are venting their frustrations with Secretary of State John Kerry's admission that the United State . . .

Britain: 40 Terror Plots Thwarted Since 2005

Tuesday, 25 Nov 2014 22:04 PM

British security services have blocked 40 terrorist attacks in the past nine years, according to Home Secretary Theresa  . . .

Obama Takes on Hecklers Over Immigration Policy

Tuesday, 25 Nov 2014 20:00 PM

Taking on the hecklers who've been interrupting his speeches lately, President Barack Obama argued back Tuesday with a p . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved