Bloomberg: NYC Income Tax Could Rise 15 Percent

Mayor Michael Bloomberg is going to cut the city work force by 3,000, but that's just the beginning of the pain New Yorkers will feel as part of the fiscal crisis. A slew of new taxes are also on the agenda.

There will be 1,000 fewer cops, but the city will hire 200 more traffic agents to give out $60 million a year in new block-the-box tickets.

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

The spending cuts mean reducing the city work force. The revenue increases mean taxes -- lots of taxes.

In the current fiscal year there's the 7 percent property tax hike that starts in January -- and the plan to renege on a promised $400 property tax rebate.

http://wcbstv.com/local/michael.bloombe ... 56839.html

What do you expect, he wanted to charge people 8 bucks just to drive into the city. Well you wanted him for a third term. Enjoy.

Wow. Talk about an about-face on supporting this guy.

Money crunch or not, the burden shouldn't be on the regular people to cough up the extra money...we are the ones who are already hurting.

Nick, I understand your point on term limits, but do you really think Anthony Weiner would handle New York City's budget any better? Wall Street, and the world economic system is on the verge of collapse. Its not Bloomberg's fault.

I am not sure what the alternatives would be..but probably just splitting hairs.

Welcome back to the 1970s (soon)..... I wonder how long before transit and sanitation are hit.

I am worried about unfunded Federal mandates on local governments from the likes of Pelosi and company though....

Tom

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Money crunch or not, the burden shouldn't be on the regular people to cough up the extra money...we are the ones who are already hurting.

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That is all he knows, anyone can save money by cutting important services like Police and Fire and taking away property tax rebates and jacking everything up. You really needed Bloomberg to do that? Hell elect me I could have done that. God forbid he cuts some of his salary or some executive jobs. You guys are in for some ride in NYC. Best of luck.

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but do you really think Anthony Weiner would handle New York City's budget any better? Wall Street, and the world economic system is on the verge of collapse. Its not Bloomberg's fault.

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Tom I am surprised you are buying into the scare mongering from the media. The world and our economy is not going to collapse trust me. We are in for a lean year but unless Obama really screws up and doesn't ease his high taxes we will recover. As for NYC who is to say what Weiner can do? Do you know who would surround him? I can't believe Bloomberg can stand there and be as elitist as he could be and say he is only person qualified to run NYC. It was disgusting. He has done a great job but he is far from being a genius when it comes to managing money. Like I said anyone can raise tolls, property taxes and cut services.

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Originally Posted by Tom_Turner

Welcome back to the 1970s (soon)..... I wonder how long before transit and sanitation are hit.

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Buried under all the Obama mania the past couple days was news that will probably be even more consequential to the city: Democrats took control of the State Senate for the first time in 40+ years. This should mean more of the city's tax dollars staying in the city rather than being funneled out to Long Island and upstate, so maybe things will not be as bad as they could be, especially in regards to the MTA.

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Originally Posted by NIKV69

God forbid he cuts some of his salary or some executive jobs.

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Actually, do you know how much he earns a year at Mayor? One dollar. Literally. He practically forfeited his entire salary when he first took office.

Nice gesture, would mean a little more if he wasn't worth 20 Billion.