End of the $400 Property Tax Rebate
Since 2004, $400 rebate checks have been sent out to homeowners courtesy of the Bloomberg administration. Well, no more. The mayor is immediately axing the program, reports the NY Times, to help shore up the expected $4 billion budget deficit. Other quick fixes: raising personal income tax by as much as 15 percent; hiking the…
Since 2004, $400 rebate checks have been sent out to homeowners courtesy of the Bloomberg administration. Well, no more. The mayor is immediately axing the program, reports the NY Times, to help shore up the expected $4 billion budget deficit. Other quick fixes: raising personal income tax by as much as 15 percent; hiking the city’s portion of the state sales tax by as much as three percent; and charging a nickel for every plastic bag a consumer picks up at a store. “The mayor also detailed $1.5 billion in proposed budget cuts that would affect virtually every agency in city government,” they write. “The measures include closing libraries for a half day, eliminating dental programs and closing a clinic in East Harlem.” Should Wall Street rally and the economy heal, the mayor said, checks will go out again.
Mayor Cancels Rebates for Homeowners [NY Times]
Photo by tienmao.
Troll – Your “other expenses” are $85,000?
$7000/mo?
Sorry, but that is a lot of money. Even in NYC.
“I’m sorry if you left wingers find me annoying, but I’m right.”
You’re not annoying. You’re splendid! We’re all enjoying your comically sad sour grapes. They’re so much better the day after!
I’m with Joist,Ironballs and Troll. $250K does not go that far in NYC, and one is certainly not “rich” to the point that any extra income one earns should now be taxed at a 44% marginal rate.
Ironballs is correct!
250k is not a lot of money in NYC! Especially if you have 2 kids to support, a mortgage, and car payments.
after taxes your left with 165k. A modest size family home will bring in a morgage of 5k/month…now your at 105k.
Now add all the other expenses and you will be down to nearly 20k.
tybur6 either has a rent stabilized/controlled apartment or gets Section 8.
250k/yr is not a lot of money in NYC if you don’t get discounted or free housing and have a family to take care of.
Sure it’s a lot in Mississippi, but not around here.
there are also loopholes for obama to close. many hedge fund types pay only capital gains rate on their income b/c of the nature of the income.
Eliminating that tax break so that it’s taxed like ordinary income would result in significant additional taxes even in a down market.
“I don’t want to hear your whining. Do you think a cost-of-living index would take into account the fact that you’ve decided to pay a mortgage on a multi-million $$ home in brownstone Brooklyn?”
Hah! The all-knowing, all-seeing tybur6! Yes, folks, step right up and see for yourself!
The AMAZING TYBUR6 can tell if you are a renter or an owner! He can tell where you live and how much your house is worth! He can even tell you your mortgage balance!
Why is this amazing you say? Because he can tell all this from an anonymous posting on a blog!
Umm… I am SO glad you are not going to be in the Obama Cabinet Mr. Joist.
$250,000 for a couple does not equal $125,000 each. If you’re so interested in cost-of-living indexing, maybe you should realize this. A couple has many SHARED expenses. Two people living together has a much lower total expense than two people living separately.
That being said… $125k CONSIDERABLY higher than the NYC average income. I don’t want to hear your whining. Do you think a cost-of-living index would take into account the fact that you’ve decided to pay a mortgage on a multi-million $$ home in brownstone brooklyn? The tax structure should promote unsustainable real estate prices?! Are you kidding me?!
$125k is a lot of money. And $250k is MUCH more.
Umm… I am SO glad you are not going to be in the Obama Cabinet Mr. Joist.
$250,000 for a couple does not equal $125,000 each. If you’re so interested in cost-of-living indexing, maybe you should realize this. A couple has many SHARED expenses. Two people living together has a much lower total expense than two people living separately.
That being said… $125k CONSIDERABLY higher than the NYC average income. I don’t want to hear your whining. Do you think a cost-of-living index would take into account the fact that you’ve decided to pay a mortgage on a multi-million $$ home in brownstone brooklyn? The tax structure should promote unsustainable real estate prices?! Are you kidding me?!
$125k is a lot of money. And $250k is MUCH more.