New York already has some of the highest sales tax in the United States at 8.37 percent. But Mayor Bloomberg wants to ramp up the city's revenue from sales by $900 million, and to do it he's going to raise the tax to 8.75 percent. In the executive budget to be released today we also learn that Hizzoner plans to cut 23,000 city jobs (including roughly 15,000 educators). Much-fought-over $400 property-tax rebates will go out the window, and certain massive city building projects will be delayed.
These drastic measures will plug the $4 billion budget gap the city is facing, but even Bloomberg says we'll need help from Albany and Washington to make it through this economic downturn. And the good news is, Albany is now starting to move to raise taxes, too, so they can help! Oh, wait.