LIU PROPOSES ‘THE PEOPLE’S BUDGET’

 City Comptroller John C. Liu today unveiled his plan to revamp the City’s budget process and put an end to the annual song and dance of threatened cuts and restorations that distract from the real issues that New Yorkers care about — good schools, safe streets, and reliable jobs.  Comptroller Liu presented the highlights of his proposal in a speech before the Association for a Better New York.

“Every year New Yorkers are subjected to an orchestrated song and dance that their libraries or fire companies or childcare programs are going to be cut, and while they’re distracted, the Mayor quietly pushes through the other 99 percent of the budget.  And every year, when the music stops, the threatened services are miraculously restored,” Comptroller Liu said.  “It’s time to stop dancing and create a budget that is of the people, by the people, and for the people — a budget that reflects the people’s dream for better schools, safer neighborhoods, and solid jobs.  The way things are right now, The New York City Dream is under attack.” 

The People’s Budget, a comprehensive four-year plan, includes revenue generation and cost savings proposals that produce nearly $15 billion in new resources that can be redirected toward tax relief and new investments.  The investments in communities, schools, and housing would also create a significant economic benefit in the form of more than 35,000 jobs.

People and Community Priorities

·         Provide universal pre-school and pre-kindergarten for 3-4 year olds

·         Hire 5,000 uniformed police officers, to bring ranks to 40,000

·         Create 100,000 units of affordable housing

·         Keep libraries open 7 days a week, with extended hours

·         Offer housing vouchers to homeless families

·         Expand after school programs

Tax Relief

·         Personal Income Tax reform to lower taxes for 99% of New York City filers

·         Eliminate the General Corporation Tax for 240,000 businesses with an annual tax bill  of less than $5,000

·         Eliminate the Unincorporated Business Tax for 25,000 businesses that make less than $250,000 in annual income

Annual Revenue Generation (FY2014)

·         Personal Income Tax reform would bring in more than $1.2 billion from the City’s top 1 percent of filers making more than $500,000

·         Tolls for non-New York City residents on the East and Harlem River bridges would raise $410 million

·         Eliminating the insurance industry’s exemption from the General Corporation Tax would raise $310 million

Annual Cost Savings (FY2014)

·         Bring IT work in-house to save the City $73 million

·         Collect $150 million more in Medicaid reimbursements

·         Charge charter schools to use City facilities, yielding $80 million

The details of Comptroller Liu’s People’s Budget can be downloaded here: www.comptroller.nyc.gov