Thompson's Tax Explanation
October 15th, 2009

There were some empty chairs and muted applause. But attendees at a Crain’s breakfast this morning witnessed the grilling of Comptroller William Thompson and his plans for New York City.

As part of that discussion, he offered up an explanation for his so-called flip-flop on the millionaire’s tax (the subject of an anti-Thompson web site and Bloomberg campaign commercials).

“I talked about across [the] board taxes. As we look at the financial situation, as we look at a recession that continues to deepen, continues to expand… over 100,000 people lose their jobs in New York City. The focus has definitely shifted,” Thompson said of his tax policy.

“Those who have broader shoulders during these tough times need to do more,” he added.

Thompson wants to increase taxes by .6 percent for those making more than $500,000 and by 1 percent for those making more than $1 million. He says that will generate $1 billion in new revenue. Thompson also suggested this morning that the tax should sunset after three or four years.

“During these tough times, I don’t think it’s too much to ask,” he summed up.

Thompson’s tax proposal would follow the approval of a state millionaire’s tax, which has brought in less revenue than anticipated.

By on October 15, 2009, 10:05 am
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