NYC Tax Cut is a $190 Million Boon for Residents | AccountingWEB

NYC Tax Cut is a $190 Million Boon for Residents

Based on tremendous fiscal gains, a tax cut recommended by Mayor Rudolph Guiliani, and passed by a New York City Council committee, is expected to save residents $190 million.

Although it still needs to be passed by the full Council--and it looks as if it will--the city tax cut is expected to coincide with a drop in the New York State income tax, bringing with it a savings of $327 for a family with two children earning $100,000, and $73 for a single person earning $25,000.

The philosophy on the part of the Council committee was to return money to the taxpayers because of the recovery occurring in the city.

If passed, the new, lower tax becomes effective Jan. 1, 2001.

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