Most people like the prospect of paying less in taxes.
City Comptroller John Liu has come up with a plan to cut taxes for 99 percent of City residents—and make up the different by increasing taxes on the other one percent by as much as $60,519 per year.
If couples making a personal income of $5 million and greater fork over an additional $60,519 more than their current tax liability of $192,448, Liu says he can cut taxes for the 99 percent, and still reduce the city’s expected budget shortfall.
A couple making $1 million or over would go from paying $37,408 to $42,967, a difference of $5559.
A couple making $500,000 or less would received a tax cut of $61. And a married pair making $30,000 would pay $283 less than their current liability of $925.
Couples making a combined $250,000 would benefit the most form Liu’s plan; their taxes would be cut by $941.
So what do you think? Should Liu's tax plan be enacted? Let us know how it would impact you, and the rest of Forest Hills, in the comments.
Let Patch save you time. Get great local stories like this delivered right to your inbox or smartphone everyday with our free newsletter. Simple, fast sign-up here.