Bill Thompson. Photo by Buck Ennis
In the field of four probable Democratic candidates for mayor, the issue of taxing the rich has quickly emerged as a popular position.
Public Advocate Bill de Blasio wants to raise income taxes on those making $500,000 or more to help fund early education and pre-K programs. Comptroller John Liu has proposed cutting taxes for 98% of New Yorkers while raising rates for those earning $500,000 a year or more.
Council Speaker Christine Quinn has retreated from a plan she floated in 2009 to raise $1 billion in new taxes on households earning more than $300,000. Before he dropped out of the race, Manhattan Borough President Scott Stringer proposed raising taxes on millionaires while lowering the rates for most everyone else.
But don’t expect to tax hikes to factor into Bill Thompson’s platform any time soon.
After Wednesday’s Crain’s Future of New York forum, Mr. Thompson, the runner-up in 2009, said tax increases should only be considered as a “last resort.” He noted that the White House and Congressional leaders were currently negotiating solutions to the “fiscal cliff” that may include raising taxes on the wealthiest Americans.
“You don’t want to kill your middle class,” he said. “And when it comes to wealthier Americans, they’re having that conversation at the federal level right now.”
New York is one of the highest taxed states in the country. But Mr. de Blasio, running to the left of Ms. Quinn, argued that widening income disparity reflected a dearth of middle-income jobs and shrinking opportunity for most New Yorkers.
Mr. Thompson, who has trailed the other candidates in fundraising but is expected to make it into a run-off next year based on his name-recognition and support in the city’s minority community, refused to rule out tax increases.
“You don’t take anything off the table, but I’ve always said tax increases are a last resort.”