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

Go to McBrooklyn's HOME PAGE.