Under yesterday's proposal, the income tax surcharge would be reduced by half, to 7 percent.
A key feature is a 7.5 per cent personal income tax surcharge, effective from 1 January, 1995.
The approval of the Legislature is needed to extend the income tax surcharge and to create the lottery game.
The Council wants to earmark an income tax surcharge to pay for new schools.
Extending the income tax surcharge is a painful thought.
The Giuliani administration has been trying to eliminate the personal income tax surcharge for several years.
Increased real estate taxes, a personal income tax surcharge and a new city lottery would pay the cost, eventually $450 million a year.
He said he would pay for the program with the $800 million gained from restoring the city's income tax surcharge.
He dropped his original proposal for an income tax surcharge.
He and the Council then explored an increase in the city's personal income tax surcharge.
Under yesterday's proposal, the income tax surcharge would be reduced by half, to 7 percent.
A key feature is a 7.5 per cent personal income tax surcharge, effective from 1 January, 1995.
The approval of the Legislature is needed to extend the income tax surcharge and to create the lottery game.
The Council wants to earmark an income tax surcharge to pay for new schools.
Extending the income tax surcharge is a painful thought.
The Giuliani administration has been trying to eliminate the personal income tax surcharge for several years.
Increased real estate taxes, a personal income tax surcharge and a new city lottery would pay the cost, eventually $450 million a year.
He said he would pay for the program with the $800 million gained from restoring the city's income tax surcharge.
He dropped his original proposal for an income tax surcharge.
He and the Council then explored an increase in the city's personal income tax surcharge.
