His sentiment reflected the view that the income and property taxes levied by the bill were necessary evils.
He added that the city would have to be open to increasing income and property taxes as well.
New York City, for example, has already announced plans to increase income and property taxes to make up for some of the loss in state aid.
Another $10 million a year would be generated in income and property taxes.
The state has no sales tax and relies on revenues from income and property taxes.
Credits may be offered against income or property taxes, and are generally nonrefundable to the extent they exceed taxes otherwise due.
The study found that more than 60 percent of the city's general revenue is generated by income and property taxes from the central business district.
State and local income and property taxes remain fully deductible.
Its charts on combined changes in income and property taxes do not factor in the effect of school aid losses for the richest 220 communities.
Mayor Coleman has proposed a funding plan which will rely on fees rather than income or property taxes.
