To help deal with the city’s fiscal crisis, Christine Quinn told business leaders that she wants to aggressively sell advertising space on garbage trucks, raise income and property taxes, and explore leasing public assets.
Also, Quinn said she’d seek $150 million in spending cuts from the Department of Education, plus cuts to other city agencies, but insisted they would be targeted to redundancies in bureaucracy, not delivery of services.
Quinn unveiled her plan during a breakfast in midtown hosted by the Citizen’s Budget Commission.
“Everything from property taxes to personal income taxes must be considered,” Quinn said. “Increasing taxes will have to be part of the solution for getting through these tough times.”
When asked about David Paterson’s plan to lease public assets, Quinn said, “We’ve been talking to our staff about a similar initiative as well.” She went to say that it’s being discussed within the City Council, and she is “going to talk to the mayor’s office about as well.”
In a follow-up chat with reporters, Quinn declined to specify any specific assets, and said there weren’t many to choose from, since the city sold off many assets during previous fiscal downturns.
Quinn proposed a tax break for businesses. Large businesses, she said, could see several separate taxes replaced by a “Single Sales Tax Apportionment.” The several local taxes it would replace are based on the number of jobs and amount of investments they have in New York; Quinn says the approach “punishes” business for making investing.
Under the new plan, the city would be “only taxing their profits on the sales they conduct in the five boroughs.”
The new plan would be “revenue neutral” eventually, but, Quinn said, it would cost the city up to as much as $100 million dollars in the first few years.
UPDATE: When asked for a comment about Quinn’s suggestion to lease public assets, Bloomberg spokesman Jason Post emailed, “We are reviewing all of the Speaker’s proposals thoroughly.”