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.
um , yeah, that’s why I said MARGINAL rate. Reading Comprehension is as easy as 1-2-3.
“Yes, it sucks that even if you are under the Obama “family cap” of $250k your marginal tax rate = 44%, but the “15%” City Tax increase is not that big a deal. [44% = 33% Fed + 6.85% State + ~4% City]”
And I disagree that $125k is “a lot” of money to earn for a married adult with kids in New York City.
Federal Tax Rates should be indexed to cost of living. First New Yorkers get screwed by sending WAY more to the federal government than we get back and then we get screwed again because some guy making $125k in Kansas is a king but here it’s a middle-class wage.
“You nominated a geezer and a bible-thumping dimwit. And the election result is everyone’s fault but your own.”
Right on, Johnny. Finally some Republicans realized that they need real change and the “gee, whiz”, “you betcha” superficial Joe the Plumber rhetoric wasn’t the way to go. I would love to see Bible Spice (thanks again for that one) back in 2012 although I have a feeling the GOP will wise up and have her disappear for good off the national stage. She’ll be a (comical) footnote in history.
tybur6, I’m sure Mr. Joist and everyone else understood that its marginal tax rates that are being discussed here…
Mr Joist, actually according to that calculator, $250k is in the 33% bracket, but it only works out to be about 25% since the lower portions of the income are taxed at a lower rate.
So, fed + state + city would only work out to be about 36%, not 44%.
But who cares… $250k per year is A LOT of money. Maybe a lot of you don’t understand this simple point.
Yes, well maybe you should take your 12 second advice because clearly the over 250K tax rate after Obama won’t be be 33% if thats what it is now. That is why I asked you where you got the figure from.
Anyway why the hostility?
dittoburg at 11:03 AM:
2008 Married Filing Jointly, $200,300 – $357,700 = 33% tax bracket.
http://www.moneychimp.com/features/tax_brackets.htm
That took me maybe 12 seconds on Google, you should try it next time before you post.
I have no idea what new problems our new President will face. But I’m pretty sure that unless the solution to them is “less government oversight” John McCain wouldn’t have any idea how to fix them. And no matter what the problem is, Sarah Palin wouldn’t even know how to spell the answer.
You nominated a geezer and a bible-thumping dimwit. And the election result is everyone’s fault but your own. Keep it up. In fact, start donating to Palin’s 2012 campaign now! I am 😉
ugh! sorry! Champagne hangover?
Echoing the commuter tax thoughts. We used to live in the suburbs and GLADLY paid that tax until it was repealed. Just as funstraw stated, I felt it was my duty to contribute to the infrastructure of the municipality in which I spent most of my waking hours. And to state the obvious, if not for the City, those commuters wouldn’t even have jobs.