Eric Adams on Tax Reform

	Eric Adams on Tax Reform

Two year "Recovery" tax for those making more than $5M

The multi-millionaires and billionaires must pay their fair share to help all of us get through the aftermath of the pandemic, which disproportionately hurt Black and Brown New Yorkers. We can generate $1 billion to 2 billion annually by instituting a "Recovery Share"--a modest increase to the income taxes of city earners who make more than $5 million a year, sunsetting after two years. That money would go directly into initiatives that help us bounce back from the pandemic.

We will reward businesses that hire local workers and benefit minority and female owners and workers--especially on City-financed projects. Specifically, businesses will be asked to commit to hiring 75% city-based workers, prioritizing M/WBE contractors, and ensuring their contractors pay a living wage and report their workers' residency and ethnicity statistics. Employers who agree to these terms could benefit from tax breaks and special consideration for City contracts.

Source: 2021 NYC Mayoral campaign website EricAdams2021.com , Jul 7, 2021

Weekly sales tax holiday to support local business

Out-of-town tech companies like Amazon have asserted market dominance here at the expense of small business owners--a problem that only deepened during the pandemic. My administration will implement a weekly sales tax holiday, every Tuesday, on services and products that are more likely to be paid for in-person to incentivize New Yorkers to spend locally. We will offset the cost of this weekly holiday by more fairly taxing online transactions such as streaming services, which are not taxed. Source: 2021 NYC Mayoral campaign website EricAdams2021.com , Jul 7, 2021

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*Other big-city mayors on Tax Reform:*	*Eric Adams on other issues:*
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Page last updated: Feb 23, 2022