Bloomberg Balances NYC Budget With Unexpected Tax Gain
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New York Mayor Michael Bloomberg presented an executive budget as more than $1 billion in unexpected revenue from personal-income taxes, corporate levies and audits helped balance his final spending plan.
Bloomberg’s $69.8 billion budget for the fiscal year starting July 1 benefits from a one-time $800 million windfall from residents selling stocks and property last year to avoid capital-gains tax increases. Corporate levies and audits raised more than $400 million that wasn’t expected in January, he said.