NYC Mayor de Blasio Seeks to Tax Rich Where They Live

Image: NYC Mayor de Blasio Seeks to Tax Rich Where They Live

Thursday, 01 May 2014 03:38 PM

By Melissa Clyne

  Comment  |
   Contact  |
  Print  
|  A   A  
  Copy Shortlink
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.

Related Stories:

© 2014 Newsmax. All rights reserved.

  Comment  |
   Contact  |
  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

Cosby Said He Blocked 2005 Tabloid Story about Sex-Assault Accuser

Friday, 28 Nov 2014 12:42 PM

Comedian Bill Cosby struck a deal with the National Enquirer in 2005 to give the tabloid an exclusive interview about a  . . .

Trailer Unveiled for New Star Wars Film: 'The Force Awakens'

Friday, 28 Nov 2014 11:02 AM

The first teaser for J.J. Abrams' Star Wars: The Force Awakens has hit the web.
There has been an awakening - ha . . .

Black Friday Is Country's Favorite Gun-Buying Day

Friday, 28 Nov 2014 10:47 AM

Consumers in the market for purchasing firearms are among the millions of people swarming the stores on Black Friday to  . . .

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