Money, Power, Politics, by Joyce Purnick: on Tax Reform

Mike Bloomberg: Raised property taxes to 18.5%, highest in history

Although he had warned as a candidate that raising taxes would "destroy this city" and pledged no higher taxes in his inaugural speech, Bloomberg broke his promise. To protect city services and budget shortfalls, he decreed the highest property tax rate in the city's history, settling with the city council on an increase of 18.5%. And he raised the taxes 6 months sooner than necessary, to collect more revenue faster.

Mike Bloomberg: 2004: Refunded $250M to residential taxpayers, not business

Bloomberg took all the credit for the timely gift. "We recognized that tough times call for making tough--and sometimes controversial--choices. And we made them," he said. In fact, the city's finances usually rise and fall in sync with the national economy and Bloomberg's role in the comeback was limited.

Bloomberg got the rebate through the city council.