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Mike Bloomberg on Tax Reform
Independent possibility for President
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$400 property tax rebate to all homeowners
We remain committed to extending the $400 property tax rebate to all homeowners. Last year, we offered a 7%, across-the-board property tax cut for one year. Next week’s preliminary budget will propose an extension of that cut.
However, adopting it will depend on a variety of factors unknown today--from the health of our economy to the continued help we get from our partners in State government to the outlook for future years after our Administration has come to an end.
Source: 2008 State of the City Address
Jan 17, 2008
Raised taxes on high-earners to incent municipal employees
As a last resort, we raised property taxes and income taxes on high-earners so that we’d have the money to incent our municipal employees to continue providing the great services that underpin the City’s quality of life. As you can imagine, cutting
spending and raising taxes didn’t make me the most popular man in town. (I like to think of it as a character building experience.)But I’ll tell you what it did do: it allowed us to close the huge budget deficits, balance the books and continue
investing in the future: building new schools, revitalizing old industrial areas, creating the largest affordable housing program in the nation, supporting our cultural institutions, parks, libraries, and universities, and expanding world-wide
advertising to attract businesses and tourists. And, because public safety is the foundation of economic growth, we developed innovative ways to crack down on crime and illegal guns. As a result, we’ve driven down crime by nearly 30%.
Source: Speech at “Ceasefire! Bridging The Political Divide” meeting
Jun 18, 2007
Raised property taxes 18% to pay off budget deficit
Bloomberg’s first year as mayor was rocky; he confronted a budget deficit as high as $6 billion and pushed through an 18.5 percent property tax increase.
His approval rating plunged to 41 percent.
Source: Michael D. Shear, Washington Post, p. A1
Mar 25, 2007
Page last updated: Feb 08, 2010