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NYC mayor's $57 billion budget would eliminate city tax on clothes, cut property taxes

NYC mayor's $57 billion budget would eliminate city tax on clothes, cut property taxes

Shoppers could say goodbye to city tax on clothing and shoes, while property owners would get some relief in the $57.1 billion (euro44 billion) city budget Mayor Michael Bloomberg outlined Thursday.
The budget for the 2008 fiscal year includes more than $1.2 billion (euro0.92 billion) in tax cuts and a surplus of about $1.4 billion (euro1.08 billion) to carry into the next year, he said. The 2007 fiscal year, which ends June 30, saw a nearly $4 billion (euro3.08 billion) surplus.
Bloomberg, a billionaire and former CEO, said the city was on stable enough footing to allow some breaks for taxpayers thanks to the surplus from this fiscal year, which ends June 30.
The plan also sets aside another $500 million (euro385 million) for a trust fund created last year to pay health benefits for retired city employees. The mayor created the fund, which now totals $2.5 billion (euro1.93 billion), with the goal of easing the pain of those costs, which could grow to $50 billion (euro38.53 billion) by some estimates.
The City Council and the mayor's office will hammer out details over the next few months.


Updated : 2020-12-04 14:07 GMT+08:00