State of the City: Tax Breaks
January 18th, 2007

The Times is skeptical of Mayor Bloomberg’s tax cuts, questioning whether he is putting political calculations ahead of the city’s fiscal prudence by choosing them as a major focus of his State of the City address.

But the Daily News said the mayor is simply seeing that money gets back to its “rightful owners“, by sharing the surplus with homeowners, and also by helping low-income New Yorkers who are eligible for the Earned Income Tax Credit but have not been collecting to navigate the bureaucracy.

Temporary tax cuts won’t have as great an effect as permanent ones would have, writes Nicole Gelinas of the Manhattan Institute in the New York Post. Because Bloomberg has made clear the property tax break is only for one year, she says, property owners will be likely to put their money away in case the rate goes back up, rather than spending it.

By on January 18, 2007, 8:28 am
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