Bloomberg on Why He’s Raising Sales, Not Income Taxes

amex1 Bloomberg on Why Hes Raising Sales, Not Income TaxesMichael Bloomberg hadn’t finished giving his preliminary budget presentation to reporters in City Hall when a key proposal in the plan—to raise sale taxes—got some resistance from Albany, courtesy of Assemblyman Rory Lancman.

He emails:

“The Governor's budget does unfairly hurt New York City and we need to fight to fix that, but the alternative shouldn't be to make it harder for working New Yorkers to buy the basics by raising regressive sales taxes. The City could just as easily ask Albany for permission to raise the City's personal income tax, which is a progressive tax based on one's ability to pay."

During his nearly 90-minute budget presentation to reporters, the mayor said he wanted to raise the city's sales tax rather than income tax because he expects the state to raise income taxes.

 More on the mayor's budget coming soon.