taxes

de Blasio pushes for "Millionaire's Tax"

  • Date: August 7, 2017
  • Would increase city income tax rate for those making over $500k from 3.9% to 4.4%
  • Expected to be paid by 32,000 NYers
  • Expected to raise $700-$800mil annually
    • $500mil for capital costs, $250mil for half-price MetroCard program
  • Must pass state legislature
  • Source: "Bill de Blasio Will Push for Tax on Wealthy to Fix Subway," The New York Times, August 6, 2017. link
  • Tags: de-blasio mta taxes

NY State Legislature approves 5 taxes to provide MTA operating assistance

  • Date: July 10, 1981
  • Avoided fare increase from $0.75 to $1
  • Five taxes:
    • "The gross-receipts tax on the oil companies."
    • "An increase in the state sales tax of a quarter of a cent on the dollar in the region served by the M.T.A. The tax would be computed by rounding up to the nearest whole cent for fractions of 0.5 cents or more and rounding down for fractions under 0.5 cents."
    • "A 10 percent tax on capital gains in real-estate transfers of more than $1 million within New York City."
    • "A tax based on the net income and capital of oil companies' outof-state and international operations."
    • "A corporate franchise tax of 0.75 percent on the gross returns from the in-state portion of interstate communications and commercial transport." Known as the "long lines" tax.
  • I think these all still exist. Should annotate individually.
  • Source: "FIVE TAXES VOTED IN ALBANY TO GIVE MASS-TRANSIT AID," The New York Times, July 10, 1981. link
  • Source: Richard J. Meislin, "FARE RISES TO 75 CENTS; TRANSIT TAX PLAN DRAWN IN ALBANY," The New York Times, July 3, 1981. link
  • Tags: mta taxes

Commuter Tax Repealed

  • Date: May 18, 1999
  • Was 0.45 of 1% income tax on commuters in the state who work in New York City
  • Would reduce city revenue by $210m (or up to $360m, if courts rule tax now discriminates against out-of-state commuters (apparently this remained at the time, NEED SOURCE FOR RESULT OF THIS))
  • Mayor Giuliani opposed, Gov. Pataki signed, week before special election for State Senate seat in Rockland/Orange counties (NW of NYC)
  • City enjoyed $2b surplus at the time, Republicans intended measure to lighten tax burder on suburban residents
  • "The Mayor asserted that the city had a right to ask commuters to contribute to the costs of police, fire and other services."
  • Source: "Legislature Acts Quickly To Repeal Commuter Tax," The New York Times, May 18, 1999. link
  • Tags: nyc taxes

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