We’re not all that happy with New York State Sen. Andrew Gournades’s proposed law –The Truth In Budgeting Act – to make New York City’s real estate tax system more transparent.
It has a lot of that pap about everyone paying their fair share – which usually means the wealthy being taxed at a greater rate than the less wealthy – but we will grant that it could help shine much-needed light on how NYC’s budget is arrived at, an issue that mystifies most New Yorkers.
Considering the recent grave losses in sales taxes, tourist income, and other sources of revenue, the budgetary process as a whole cannot be allowed to continue largely as the under-the-radar, personal plaything of Mayor De Blasio and his fellow progressives on the City Council.
Official projections are that there will be an $8.75 billion budget deficit that the mayor will have to make up. He will be forced to increase tax income and also make extreme cuts in spending. Yet, all he has come up with so far is a proposal to cut $1 billion from the NYPD without any serious public debate on the matter.
To be sure, there is also talk of seven percent cuts imposed, across the board, on all city agencies, but some of us get suspicious when taking away funds from the cops is the first priority.
We can only hope that Gournades’ bill will shine a light on how the City Fathers go about taking our money.