This would make sense if property taxes were the only NYC taxes. But for high-income earners, the NYC deal has always been lower property taxes (compared to the suburbs) in exchange for higher income taxes. Now, the deal will be high income taxes AND high property taxes.https://twitter.com/julietlapidos/status/1223272668717252612 …
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I moved out of the city three years ago, so this doesn't affect me anymore, but it is unlikely to help the city retain its tax base.
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"The commission recommended two provisions for owners with lower incomes. One... would help people who live in their homes with income below a certain level..." "The second measure, called a “circuit breaker,” would limit tax bills to a certain percentage of household income."
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