The mayor’s direct quote is below.
“Path 1: increase the personal income tax on those earning 1 million or more and increasing the taxes on the most profitable corporations
End the drain by fixing the imbalance between what the city provides New York State and what we receive in return.
Path 2: Raise property taxes on those earning $122,000 or more.
Draw down reserves including the rainy day fund and the retiree health benefits trust fund.”
The second path is painful. We will continue to work with Albany to avoid it. This first path will deliver the structural changes that we need to recalibrate the relationship between the city and the state because as we know, New Yorkers contribute 54.5% of state revenue but only receive 40.5% back. “
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