Weiner: Middle Class Deserves Tax Cut
The Big Apple has the highest local tax burden of any large city, according to a new Independent Budget Office (IBO) report released recently. Representative Anthony Weiner has responded to the news, renewing his longstanding call for a middle class tax cut.
Between 2003 and 2004, local taxes absorbed $9.02 out of every $100 of the New York City tax base, nearly 50% more than the $6.16 average among large cities.
"This report comes as a surprise to no one," said Weiner. "Middle class New Yorkers know that New York City is an increasingly hard city to afford."
"This report is a rallying cry for relief. It's time we gave the middle class a real tax cut," Weiner continued. "It's time we restored progress and fairness. It's time we created a zero tax bracket for those struggling to make it. And it's time we gave parents a bigger break as they raise their kids."
Last July, Weiner released his own tax plan to reduce taxes on the middle class and those aspiring to get there, which would restore progress to the tax code by enacting a 10% tax cut for families making less than $150,000 annually.
Under the Weiner plan, 2.7 million New Yorkers - 79% of New York tax filers - will see their taxes reduced by an average of $934. The plan is paid for with a 7% surcharge on incomes over $1 million and a 10% surcharge on incomes over $1 billion.
The plan also fixes the Alternate Minimum Tax (AMT), which has saddled many middle class New Yorkers with a dramatically higher tax bill. In addition, the Weiner plan creates a new zero tax bracket for those making under $25,000.