Eric Adams on Tax Reform

	Eric Adams on Tax Reform

Two year "Recovery" tax for those making more than $5M

The multi-millionaires and billionaires must pay their fair share to help all of us get through the aftermath of the pandemic, which disproportionately hurt Black and Brown New Yorkers. We can generate $1 billion to 2 billion annually by instituting a "Recovery Share"--a modest increase to the income taxes of city earners who make more than $5 million a year, sunsetting after two years. That money would go directly into initiatives that help us bounce back from the pandemic.

We will reward businesses that hire local workers and benefit minority and female owners and workers--especially on City-financed projects. Specifically, businesses will be asked to commit to hiring 75% city-based workers, prioritizing M/WBE contractors, and ensuring their contractors pay a living wage and report their workers' residency and ethnicity statistics. Employers who agree to these terms could benefit from tax breaks and special consideration for City contracts.

Source: 2021 NYC Mayoral campaign website EricAdams2021.com , Jul 7, 2021

Weekly sales tax holiday to support local business

Out-of-town tech companies like Amazon have asserted market dominance here at the expense of small business owners--a problem that only deepened during the pandemic. My administration will implement a weekly sales tax holiday, every Tuesday, on services and products that are more likely to be paid for in-person to incentivize New Yorkers to spend locally. We will offset the cost of this weekly holiday by more fairly taxing online transactions such as streaming services, which are not taxed. Source: 2021 NYC Mayoral campaign website EricAdams2021.com , Jul 7, 2021

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*Other governors on Tax Reform:*			*Eric Adams on other issues:*
[Title7]	*Gubernatorial races 2025:* *New Jersey Governor:* Democratic primary June 10, 2025: Ras Baraka, Mayor of Newark (2014-present) Steven Fulop, Mayor of Jersey City (2013-present) Josh Gottheimer, U.S. Rep. NJ-5 (since 2017) Mikie Sherrill, U.S. Rep. NJ-11 (since 2019) Stephen Sweeney, N.J.Senate President (2010-2022) Republican primary June 10, 2025: Jon Bramnick, State Senator (since 2022); Minority Leader (2012-2022) Jack Ciattarelli, State Assemblyman (2011-2018), governor nominee (2021) Edward Durr, State Senator 3rd district (2022-2024); withdrew *Virginia Governor:* Democratic primary June 17 cancelled: Abigail Spanberger, U.S.Rep., VA-7 (2019-2024); Dem. nominee 2025 Levar Stoney, VA Secretary of the Commonwealth (2014-2016); (withdrew to run for Lt. Gov.) Republican primary June 17 cancelled: Winsome Earle-Sears, Lt. Gov. since 2022; GOP nominee 2025 Amanda Chase, State Senate District 11 (2016-2023); failed to make ballot Denver Riggleman, U.S.Rep. (R-VA-5); exploratory committee as Independent Glenn Youngkin, Incumbent Governor , (2022-2025), term-limited	*Mayoral races 2025:* *NYC Mayor Democratic primary June 24, 2025:* Adrienne Adams, speaker of the City Council Andrew Cuomo, former governor of New York, 2011-2021. Republican June 24 primary cancelled; general election Nov. 4: Eric Adams, incumbent Democratic mayor running as an independent Jim Walden, Independent; Former assistant U.S. Attorney Curtis Sliwa, Republican; CEO of the Guardian Angels *Jersey City Mayor (Non-partisan)* Non-partisan general election Nov. 4: Mussab Ali, former president of the Jersey City Board of Education Bill O'Dea, Hudson County commissioner (since 1997) Jim McGreevey, former N.J. Governor (2002-2004) James Solomon, city councilor (since 2017) Joyce Watterman, president of the Jersey City Council (since 2023) *Oakland CA Mayor* Non-partisan special election April 14, 2025: Barbara Lee, U.S.Rep CA-12 (1998-2025) Loren Taylor, Oakland City Council (2019-2023), lost general election Sheng Thao, Oakland Mayor, lost recall election Nov. 5, 2024	Abortion Budget/Economy Civil Rights Corporations Crime Drugs Education Energy/Oil Environment Families/Children Foreign Policy Free Trade Govt. Reform Gun Control Health Care Homeland Security Immigration Infrastructure/Technology Jobs Local Issues Principles/Values Social Security Tax Reform War/Iraq/Mideast Welfare/Poverty [Title9]