Tax Timing

Newsday’s headline on the wire story says it all: “City Budget: No Layoffs, No New Taxes.”

And we have to admit that, back when we were over at the Sun pounding the mayor for breaking his no-new-taxes promise in his second budget, we probably didn’t pay sufficient attention to the people who were telling us it was a smart piece of politics.

Smart, because once you’ve decided to raise taxes, you should do it as soon as possible. You net more money, and it’s half-forgotten by the time the election rolls around.

Also half-forgotten is that old promise: “Raising taxes is not an option.”

One footnote: We join E.J. McMahon in being surprised to see that “temporary” sales and income tax surcharges, both set to expire this year, are actually allowed to expire under this budget.

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