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The Empire

Bloomberg: I don't support millionaire's tax

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Mayor Michael Bloomberg told reporters (including WNYC's Richard Yeh) today that he's not backing the Assembly Dems' proposal to re-up higher tax rates for those earning a million dollars and up, even if the extra revenue were directed to New York City.

You want to drive business out, you raise taxes. That's just not a good strategy right now. Sometimes you can raise taxes, sometimes you have to lower them. I think at this point, the governor's made a commitment that there would not be any tax increases, so I don't know that it's terribly important what the rest of us think. The governor's going to do this, and I will support him in that.

The higher income tax rate, which currently affects those who earn $200,000 and up, is set to expire at the end of the year.