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.
I have NO problems with a mayor who cuts library and museum funds and then writes a personal check to make it up.
I feel for my Republicans pals here today. That mixture of anger and shame that you’re feeling now? Been there/done that. Eight years now. It sucks. God speed my friends.
I have NO problems with a major who cuts library and museum funds and then writes a personal check to make it up.
I feel for my Republicans pals here today. That mixture of anger and shame that you’re feeling now? Been there/done that. Eight years now. It sucks. God speed my friends.
I have problems with a major who cuts library and museum funds and then writes a personal check to make it up.
I feel for my Republicans pals here today. That mixture of anger and shame that you’re feeling now? Been there/done that. Eight years now. It sucks. God speed my friends.
Mr joist – where did you get the idea that the fed rate on over 250K will be 33%?
Bensen,
I hear you. I’ll try to refrain from blasting Obama so much until after he takes office.
But it’s not up to me to give him a chance. You folks voted him into office, not me.
Why would I want to give somebody a chance whose campaign was based on empty promises to the masses, wild spending initiatives, tax increases on businesses and high wage earners, and lack of proven leadership experience?
That said, I’ll take your point and shut up for awhile. Though I can’t promise for how long!
BobfromBklyn… are you seriously going to use that argument? Do you really think that any of the “liberals” on here would want to cause harm to the 82-year old widow living on social security?!
The fact is… we are trying to PRESERVE quality of life for folks with restricted incomes. The $400 check is HUGE for the old lady on a fixed income. But what about you? Do you use the $400 check to make sure you don’t run out of rice or get a new eyeglass prescription that’s been overdue for 5 years? NO.
What if you gave up the $400 so the 82-year old widow could have $800?! But maybe it’s not in the form of cash, but maybe in the form of free eye care or food/fuel assistance or other quality of life programs! And that is what the city government is doing… taking back the $400 checks that go mostly to homeowners enjoying relative comfort and being used to fund services like police, fire, sanitation, drinking water, schools etc etc etc.
Oh Lordy! I think I am talking about socialism… aaargh! Oh wait, no I’m not, I’m talking about social programs that have been around since the founding of our republic. We live in a republic where the good of one is the good of all… not a libertarian free-for-all.
(By the way, isn’t there actually a tax program that exempts this hypothetical old lady from the bulk of property taxes anyway?)
Not that it matter now, but I’ve been a homeowner for 2 years and never received one of these checks…
How did one get them…did you need to fill out an application or something?
Don’t need it and would rather it go to someone who needs it more than I do, but just curious…
Ironballs;
I didn’t vote for Obama, and am highly skeptical of his pitch. Having said that, I think we should give the guy a chance. I think you do your cause harm by jumping on the guy at every chance. He’s being handed a rough hand (as a poker player, I think in these terms) and I doubt he is going to do anything rash. He is politically shrewd, and he probably knows better than anyone that he received only 52% of the vote, when by conventional political wisdom it should have been a landslide against the party in power, given the rout in the stock market. That slim majority can quickly swing to a minority if he over-reaches.
On to other topics:
I would caution all those who propose a restoration of the commuter tax. I am a resident of the city, so it would not impact me. However, I think it would send out a very bad signal and cause businesses to flee. Many wealthy people today have the type of job which can be located anywhere that provides an internet connection. If this tax is imposed, some of them will choose to pick up and move their business. Moreover, NYC has come a long way in shedding its “tax and spend” image, and restoring this levy would undo some of that progress.
“Other quick fixes: raising personal income tax by as much as 15 percent…”
Isn’t the City Tax Rate about 3% or 3.5% of income?
http://www.nyc.gov/html/dof/html/services/business_tax_nys_income.shtml
+15% on 3.5% = 4%.
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]
Now a family of 4 with each spouse making $125k and having to pay 44% in marginal tax … that’s another story!!