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1 Josh Barro, NYC May See Higher Income, Sales and Property Taxes 1 (2008)

handle is hein.taxfoundation/ffbffxz0001 and id is 1 raw text is: OUNDATION November 2008 No. 155 FISCAL FACT NYC May See Higher Income, Sales and Property Taxes By Josh Barro While the financial crisis and economic slump have been pinching state and local government budgets around the country, New York City has been particularly hard hit. With its heavy dependence on the financial industry, the city is expecting a combined total budget shortfall of approximately $4 billion for FY'09 and FY'10. The city last faced a budget crisis in 2001, when the combination of a recession and the September 11 attacks caused a significant drop in tax revenue. Michael Bloomberg, then just starting his mayoralty, responded with a combination of budget cuts and tax increases. (Many of those tax increases were rescinded as economic conditions improved.) Last week, Bloomberg proposed a raft of changes to close the new gap. Similar to the last go- around, the package includes something for everybody to dislike, with $1.5 billion in broadly- aimed budget cuts and nearly $1 billion in tax increases, with more tax increases likely down the road. The mayor's announced tax proposals include: • Property tax increases, including cancelling a $400-per-taxpayer rebate and accelerating a 7 percent rate increase. Property taxes rose substantially to close the budget gap earlier this decade, but New York City has made a practice of giving homeowner rebates during more recent, flusher years. The mayor is empowered to cancel the rebate by fiat, but he must get agreement from the city council to raise the property tax rate early. The city thinks all these changes combined would generate $832 million in additional revenue for FY'09.

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