For the third year in a row, the New York City four-year Financial Plan contains more than a $1 billion surplus and reflects the City’s success in reducing taxes by more than $2 billion since 1994 -- more
than any administration in the history of the City. Combined with the $2.3 billion in tax cuts already enacted, this plan will bring the total value of the Mayor’s tax reduction program to $10.4 billion through 2003.
Source: RudyYes.com, “Proven Leadership” web site
Dec 9, 1999
Supports Task Force to continue reduce taxes
In 1998 the City’s tax burden has fallen to 7.8% as a share of personal income -- lower than in the years leading up to the fiscal crisis in the early 1990’s.
The creation of the Tax Reform Task Force will look to further reduce the
tax burden on New Yorkers. The Task Force’s goal is to make the tax structure in New York City and State more competitive with other large cities and to study ways of streamlining the number of taxes levied on businesses and individuals.
To assist the Task Force, the City has reserved another $100 million for tax reductions.
With tax cuts already enacted and those proposed ($338 million), taxpayer savings will double from $1 billion to $2 billion annually.
Source: RudyYes.com, “Proven Leadership” web site
Dec 9, 1999
Eliminated sales tax on clothes; reduced real estate tax
The Mayor fought for - and won - a complete elimination of sales tax on all clothing and footwear under $110 beginning December 1, 1999. During the City’s most recent tax-free week, sales were reported to have risen over 70%.
Effective
December 1, 1999 the tax rate will drop from 3.9% to 3.4%, and will drop to 3.0% effective June 1, 2001
There will be a continuation of real property tax relief for Co-op and condo owners.
Source: RudyYes.com, “Proven Leadership” web site
Dec 9, 1999
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