Streams

Exodus of Wealth?

Mayor Bloomberg says 'No Way' not even if they raise taxes

Thursday, November 13, 2008

Governor Paterson has said he's reluctant to raise taxes on the wealthy because it might cause them to pack up and leave.

But at least one member of that tax bracket takes issue with his logic, Mayor Michael Bloomberg.

BLOOMBERG: I can only tell you, among my friends, I've never heard one person say I'm going to move out of the city because of the taxes. Not one. Not in all the years I've lived here. You know, they can complain, 'Ugh, I got my tax bill, it's heavy.' But my friends all want to live here.

REPORTER: Union leaders and community groups are critical of Governor Paterson's proposed budget cuts, saying Albany should close the current $2 billion budget deficit with a so-called "millionaire's tax."

The governor says that's off the table. A special session of the legislature is scheduled for Tuesday to deal with the fiscal crisis.

Aides to Governor Paterson, legislative leaders, and the state controller are meeting today to prepare.

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