NYC Mayor de Blasio Seeks to Tax Rich Where They Live

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Thursday, 01 May 2014 03:38 PM

By Melissa Clyne

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Undeterred by his failure to tax the wealthy to cover the cost of prekindergarten in New York City, Big Apple Mayor Bill de Blasio is now looking to increase his city's "mansion tax" to add 200,000 affordable-housing units, according to The New York Post.

De Blasio is purportedly looking to increase the current tax on homes sold for $1 million or more in a progressive formula based on the sale price. The Post reports the effort could generate as much as $150 million for the city.

Just as with his proposed tax increase on New York City residents earning more than $500,000, de Blasio's latest idea would require approval by state lawmakers in Albany, something not expected to happen since "Gov. [Andrew] Cuomo smacked down his income-tax-hike idea earlier this year," according to the Post.

With seven-figure price tags commonplace in Manhattan, the borough is already a large contributor to the statewide mansion tax, which generated a robust $259 million in the 2012-2013 fiscal year.

De Blasio campaigned on the proposal to tax city residents earning more than $500,000. Though Cuomo, also a Democrat, and the state Legislature rejected the tax increase, they voted to fund free, full-day prekindergarten for 4-year-olds statewide, according to The Washington Post. Of the $1.5 billion allocated, $300 million is earmarked for New York City.

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