We have to admit it, we never really thought that Mayor Mike would lower taxes. We thought that he was congenitally predisposed to a permanent big government. We are glad to say that, in this case, we were wrong. As all of the papers are reporting this morning, Bloomberg will be proposing a $1 billion tax decrease! Kudos to Mike!
As the Post reports the key element in the plan is a $750 million property tax cut, which helps to mitigate the 18.5% hike that was levied in 2002 (although higher assessments will offset any real relief that homeowners will feel from this reduction). The real significance here is symbolic; "It's the first cut in the property-tax rate since before 1983, city officials said."
The mayors office's clear statement of principle here also needs to be applauded: "As opposed to increasing the size of government, the mayor believes that a good portion of surplus revenues should go back into the hands of the taxpayers of New York City." In addition, the city was informed that the legislature would not approve another round of gimmick rebates that didn't also include an "across-the-board reduction."
We agree with the NY Post's editorial position on this move-that the mayor has made a "huge step forward" in a city that enacts a tax cut about every millennium. We eagerly await the NY Times' comments and, of course, the Speaker's as well.