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
