As someone who lived in NYC during the 12 years of Mayor Bloomberg, let me say...

[Dem4Life1102]

69. How about raising taxes on the middle class

while cutting them for himself?

MAYOR WOULD GET A TAX BREAK Net gain from budget plan

By JOANNE WASSERMAN and TRACY CONNOR NEW YORK DAILY NEWS NOV 17, 2002

When Mayor Bloomberg says his budget plan won't be that rough on New Yorkers, he could be talking about his own bottom line. The billionaire stands to take a bath - well, maybe a sponge bath - under his property tax increase proposal, an analysis of his holdings shows. But with a nine-figure annual income, the break he'll get from his planned city income tax cut is more money than most people earn in a year. It's ironic but true: Like other super wealthy New Yorkers, Bloomberg would gain more from his proposed income tax cut than he would lose in higher property taxes. That irony was completely lost on Ed Skyler, Bloomberg's press secretary. "New Yorkers know that if the mayor wanted or needed more money, he wouldn't be working for a dollar a year or giving $100 million to charity each year," Skyler said. According to city records, Bloomberg's tax bill for his lavishly decorated townhouse on the upper East Side is now $46,621 a year. He also bought a unit in the small co-op building next door to make a new dining room. The tax bill for that building is $42,038; Bloomberg's share should be around $7,000. Hefty income So if the mayor's 25% hike in city real-estate taxes goes through, he will feel the pinch. His annual payments will go up about $13,000. The good news for Bloomberg is that his budget scheme calls for a decrease in city income tax. The top rate of 3.

65% will drop to 2.

7% next year, and gradually sink to 2.

25% by 2007. It's estimated that the mayor's gross pre-tax income - from his stake in the media company Bloomberg L.

https://www.nydailynews.com/archives/news/mayor-tax-break-net-gain-budget-plan-article-1.507707