The New York Times | David W. Chen | Wed- Feb 11, 2009
City Council Speaker Christine C. Quinn plans on Thursday to propose that Albany raise the income tax on people making over $300,000 a year as a way to generate $1 billion. And if that happens, she wants $72 million of the new revenues to pay for her proposal to eliminate personal income taxes for low-income families in New York City who owe no state or federal income taxes.
The proposals are wholly dependent, of course, on what Albany does. But they also suggest that there could be tough negotiations with Mayor Michael R. Bloomberg over how to plug a $4 billion budget deficit.