Facing re-election and indictment, Mr. Adams focuses on addressing the city’s affordability crisis.
In a move to address concerns over the high cost of living in New York City, Mayor Eric Adams has unveiled a plan to eliminate income taxes for over 400,000 of the city’s lowest wage earners. The proposal, which needs approval from the State Legislature, aims to provide tax relief to New Yorkers earning 150 percent of the federal poverty level, which translates to roughly $31,000 to $46,000 depending on family size. Additionally, those earning slightly above this threshold could also see a reduction in their taxes, benefiting a total of 582,000 individuals. On average, qualifying households stand to save around $350 each, according to city officials.
While the city would forego approximately $63 million in tax revenue annually if the plan is implemented, administration officials are confident that revenue from other sources, such as corporate taxes and cannabis sales taxes, would offset this loss. Mayor Adams emphasized the importance of putting money back into the pockets of New Yorkers to help them cover essential expenses like rent, food, and child care.
This announcement comes as Mayor Adams, who is facing a federal corruption indictment and is set to stand trial in April, focuses on affordability as a key issue in his re-election campaign. Designating the current week as “affordability week,” the mayor has introduced a series of proposals and initiatives aimed at easing the financial burden on working-class residents of the city.
Source: The NY Times
