Thursday, January 3, 2013

Comptroll Liu Explains What the Fiscal Cliff Agreement's Gonna Cost You

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.

Estimated Cost of 2% Increase in Social Security Payroll Tax

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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