Tuesday, September 23, 2008

New York City May Raise Property Tax

By David W. Chen and Michael Babaro
September 23rd, 2008
The New York Times

-Bush approves $1.5 trillion into economy, value of dollar goes down, prices go up.

Why are property taxes increasing in New York City?
Who might oppose such an increase?

Potter: I DON’T KNOW
Matt B: increases are from money made from taxes
Sanaa: tax raise= prices of goods and gas go up, citizens will want a pay raise
Mr. Brown: If you raise taxes, why don’t wages go up?
Matt B: $400 to families is a diversion from tax hikes
Kaitlyn: public transportation prices going up, there will be more bikes as people try to save money.
John Ray: property taxes effect everyone that owns property. Prices could level out.
Mr. Brown: Pensions, retirement, city employees could be hurt by property tax increases.
Apeksha: Everybody moves to Florida. Why can’t we just make the economy like it was in 2000?

24 comments:

Anonymous said...

I'd rather have the value of the dollar go down instead of a financial crisis. The property tax increase could maybe be changed to a slightly higher sales tax. If the sales tax goes up, tourists and visitors will have to pay up as well. Either way, the city needs to be less dependent on Wall Street.

-N. Budhu

amir.p said...

I had a feeling that by the government giving banks 1.5 trillion dollars, they were going to raise prices on something. As we read in the article, we now hear that the city may raise property tax. I do agree with what nalisa had said that "the city needs to be less dependent on Wall street". If you think about it, we get 10% from Wall Street. Thats alot coming from Wall street. If the property taxes do increase, I personally know some people who have a lot of property in Ny. If you go back to the reason why this is going to happen, so people can secure their money in banks and not have their accounts frozen again.


amir.p

K Singh said...

After reading the article today I realized property tax will pretty much afffect evreyone. If you are going to increase tax everything else is going to increase as well which means more complaining by the people. Also, I leanred that this would be a very good time to buy a house and a terrible time to sell a house, and it is going to get a lot more difficult to get a loan now as well. This is a very deilicate sitiuation.

H.Sugrim said...

To be honest, I really don't understand how our money works around here. Why our taxes are getting raised, why the prices are raising, and why the value of a dollar is going down. All I understand is that our governments' job is to make America better so if there is a problem then they should be the one to come to the rescue, not us. We shouldn't pay more tax when they have a trillion dollars.

A. Rao said...

No matter what happens, the economy will get better. Americans are the biggest consumers and one large purchase will bring back the economy.
Getting back to the article, if property taxes are raised, it might put an increase in home prices and could lead reduced amounts of foreclosures.
Like Nalissa said, only a slight increase would work. Combined with a slight increase in other taxes, it could keep the mess from hitting the fan.

Anonymous said...

I cannot believe what Apeksha said and asked.

When President Clinton left office in 2001 we had an estimated $230 Billion surplus (balanced budget). If President Bush was to remain on that track the U.S. National Debt would be eliminated by 2012 which is Protecting Fiscal Discipline and Paying Down the Debt. But he decides to go start a foolish war. The result a $3 Trillion War and the amount of dollars spent keeps increasing with Billions spent on Iraq each week. So how can we have an economy like it was in 2000 when there’s an estimated $ 400 Billion deficit (unbalanced budget) that will exceed this year?

And now $1.5 Trillion for these Wall Street bailouts. So how is it possible to have a balanced budget now? That increases the U.S. Debt and deficit and plus as of September 2008 the national debt is $9.7 Trillion whereas in the Clinton Administration the national debt was $5.7 Trillion. In 8 years he’s run everything into the ground. The Bush Administration is printing the money to pay for these bailouts. Where do you think all this money is coming from? He ruined everything Clinton did for this country. Clinton cleaned up the mess for Bush I and then Bush II comes in and did a more terrible job then his father.

Everybody moves to Florida. What do you mean? How can you say that? I know you were over exaggerating, but still it made no sense. I apologize for any offense or insult you may feel.

U. Cheema

K.WESTON said...

This financial crisis is alot to handle for a person. The prices for certain things are going to go up because of all these things that are going on. Because of this the transportation prices are going to go up. For example the bus might go up to about four dollars. This is going to make people like me start riding bikes as far as they can go. Like N.Budhu said "I'd rather have the value of the dollar go down instead of a financial crisis."

-K.Weston

M. Frank said...

Citizens who's wages will not go up after tax increases will not be pleased by the these tax hikes. The $400 given to citizens will not necessarily fix things, because taxes will be going up by more than that.
Either way something clearly needs to be done to fix the economy because a stock market crash would be unbelievably drastic. This is also an ultimate test of the Presidential canditates to see any economic relief plans they may have to assist our ailing stock market and economy.

a vora said...

I think that this whole financial crisis is very scary. I think that its going to take a lot of everyone's hard work and we're going to probably need to work together to get this economy out of this financial crisis.
Nalisa mentioned in her comment that "if the sales tax goes up, tourists and visitors will have to pay up as well." I think that it's a good idea but it will be hard for the average person. This time is very critical for many many people & well have to be careful with the decisions we make.

t alexander said...

Increase of taxes will affect everyone life.There are lot of people who struggle with paiding taxes.l seriously dont understand why government raising taxes. lf tax increase then every other things will going to increase also.

Sanaa Elissa Awan said...

Raising taxes and the price of oods will mean middle class people, who are already living paycheck to paycheck will find it harder to make ends meet. This will cause more strikes and people will want higher pay. The employers will not be able to raise their pay and that will create one more problem on top of the economic crisis we are curently facing.

t alexander said...

Increase of taxes will affect everyone life. There are lot of people who struggle with paiding taxes. I seriously dont understand why government raising taxes. If tax increase then every other things will going to increase.

R. Kaur said...

yes it is true that the value of the dollar will go down, but having that much money inorder to help the economy is also a big deal as well. if you come to think of it there is alot of debt around us, and inorder for us to overcome it someone has to lend some money and with that money we can over come atleast a part of our countries debt which can help us over all

a. Hughey said...

I believe that this article was funny in so many ways. Our government had no idea what it means to invest or even to spend wisely. They take taxes from our checks, and we pay them for living on our property. We pay them for clothes and sneakers, appliances and electronics and now they want to increase our property taxes. Why would they give trillons of dollars to bank to have banks just loan it to someone else????I really dont understand our economy and it sort of makes me angry that they dont stop and think about what tey are doing. The trillons of dollars that they just decided to give away obviously wasnt just for the banks and now that we have no money, everybody wants to know " now what"???? And its not like we can ask the banks for the money because they dont have it either...

qnz1stladii said...

The economy is bad. This money is probably going to screw us over more in the long run. The value of a dollar is going to be worthless and the prices on everything will go up. Its a great time to buy a house but the worst time to sell. Yes the tourist would pay more to visit but the people that live here would have to pay these high prices on a daily schedule , unlike the visitors this is home.

-CMartinez

n. demetrius said...

I think that the government might not have a choose to do this. I agree with nalisa and amir saying how the city has to be less dependent on wall street, considering how 10% comes from it. i think it should be harder to get a loan also, because in the end you have to give loans to people that the bank knows will pay them back. Don't give loans to people that won't be able to pay it back and make them go into more debt.

Matthew Barnett said...

This issue is a tough one becuase it envolves money and money is an important thing. With money u have power so the US has to be careful how they use the money that they have in reserve. Even though they are using OUR tax money to fix the problems in the economy they are going to run out of tax money also. Many people are going to leave the country with their money to live comfortably. The government can't expect us people to bail out the mistakes of rich people and the government. Also raising taxes isn't the way to do it they should change some laws such as the one president Bush passed lowering taxes for people who make more than 250 thousnad a year. When they raise taxes everything goes up especially "the price of living" many people will not have enough money to pay their bills putting people in debt.

Alex D. said...

i would have to disagree with nalisa budhu on the fact that lower the value of the dollar to prevent financial crisis becauseif our money keeps going down then whats the point of our money u wont be able to buy anything and it would put our country in even more financial problems .I honestly believe that we should work harder to keep our money inside our sountries companies like G.M .

A. Deonarine

A.Potter said...

I dont think raing property tax is such a good idea. People who are already struggling to pay their bills and put food on the table every night will go crazy soon. Rasing porperty tax will cause people to go on strikes or just take what they have and leave the country.

-A.Potter

Omar francis said...

I dont think raising the property tax is such a good idea because the american dollar is getting lesser and lesser value to the point where it doesnt mean anything.Giving the banks 1.5 trillion is stupid and very dum because i think you should jus let the banks crumble vand fall and give the people back their money for the simply reason they invested in you.Also it is not supose to happen to us for we are america

L. molina said...

Raising property taxes is going to be a big problem for people that right now are living with what they got and don't have extra money in their pockets. Ever since economy started decreasing everything has been getting expensive. With this everyone has been working extra hours and working hard in order to survive this crisis. If raising taxes on properties is going help the economy then once again everyone is going to have to deal with it and overcome this. I think that with all of this the economy will go back to normal and everything will go back to the way it used to be.

Anonymous said...

If new york raises property tax there would be a problem. Many people would have to find jobs that have a higher salary to pay off their morgages.It wont just effect home owners but will affect their every day life. For example gas is already high, food, and clothes are as well. That won't help the economy at all.

ETHAN ROSENBERG

Gitu K. said...

If taxes go up then will be other changes in the economy. Many people will be layed off from work; many people have to find new jobs. Most middle class families will have to find a new way to get money or just leave the country.

C.Jones said...

If they rasie taxes then they should do so for the higher classes. Why they think that the lower classes should be the only ones to pay taxes. while the rich stand still and do nothing.