Yesterday City Comptroller John C. Liu explained what New York City taxpayers will pay as a result of the Congressional agreement to avoid the so-called Fiscal Cliff.
The agreement will cost the average Brooklynite $770 annually. Manhattan taxpayers will pay an average increase of $1,125.
“Like any compromise, the deal to avoid the so-called Fiscal Cliff has some bright spots and dark patches for New York City taxpayers," Liu said.
On the positive side: “Thousands of struggling New Yorkers will not find their extended unemployment benefits abruptly and cruelly cut off. And some 900,000 New Yorkers can breathe a sigh of relief now that the Alternative Minimum Tax has been permanently fixed.
On the negative side: “We must properly fund Social Security and unfortunately the 2% increase in the Social Security Payroll Tax will cost four million hard-working New Yorkers, on average, more than $800 out of pocket this year, taking more than $3 billion out of the City’s income stream.
Borough | # of Workers Affected | Estimated Cost | Average Increase |
Bronx | 630,000 | $425 million | $674 |
Brooklyn | 1,135,000 | $875 million | $770 |
Manhattan | 995,000 | $1.12 billion | $1,125 |
Queens | 980,000 | $800 million | $816 |
Staten Island | 230,000 | $220 million | $956 |
TOTAL | 3,970,000 | $3.44 billion | $868 |
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