June 24, 2008
Cutting Taxes
My approach to taxes in New York City will be based on one overriding principle: We must ease the tax burden on the working poor, middle-class families and small businesses. In the Council, I have worked to make sure that everyone eligible receives the Earned Income Tax Credit, and I have proposed enhancing the EITC to allow more families to access this program. This is a critical tax cut that would benefit those who need it most - hardworking New Yorkers who earn little more than the minimum wage. In this tough economy and with the cost of living on the increase, we need to do everything we can to help working families keep a little more of the money they earn.
We need to re-examine many of our old taxes, to assess whether they still make sense in our current fiscal climate. For example, New York City currently taxes freelancers and small entrepreneurs unfairly through the Unincorporated Business Tax, using an archaic tax structure that is simply not appropriate for the modern economy. We also need to look at the tax loopholes that are available to big businesses and determine whether they are actually helping our economy and creating jobs, or merely hurting small businesses by giving big businesses an unfair advantage.
As Comptroller, I will seek input from individual taxpayers and businesses to identify those taxes that may cost us more in lost economic activity than they generate in revenue for the city. I will direct economists within the office to perform economic analyses of any such taxes, and urge the Council and the Mayor to repeal any taxes that create a net loss for the city.
The Comptroller is the taxpayers' watchdog, serving as the City's Chief Financial Officer; fiscal auditor; investment advisor and enforcement agent protecting working people. Second only to the Mayor in terms of the scope and responsibilities of the office, the Comptroller has financial oversight over virtually all city agencies and spending.
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