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NEW YORK CITY – Continuing his “Delivering for New York” tour, Anthony Weiner visited the Lower East Side today to discuss his law that was included in the Bush Tax cuts that doubled the per-child tax credit for middle-class families. He also highlighted his success in preventing middle-class co-op and condo owners in New York City from being hit by huge increases in maintenance fees.
Additionally, Weiner discussed two ideas to provide tax relief for the middle class and those struggling to make it included in his books, Keys to the City – 64 Ideas to Keep New York the Capital of the Middle Class and Even More Keys to the City: 61 Additional Ideas to Keep New York the Capital of the Middle Class.
Weiner: Even Working with Bush to Double the Child Tax Credit
In May 2001, Congress passed the Bush cuts. Although then Representative Weiner opposed the bill, he worked across the aisle to include a provision that proved vital to the middle class families of New York – the doubling of the per child tax credit from $500 to $1000 [P.L. 107-16]. This law contained language based on Weiner’s January 2001 bill. [H.R.387, 107th Congress] Although much of the Bush package has now been allowed to expire, Weiner's provision remains the law.
Weiner: Saving The “Flip Tax” For New York Co-ops.
The flip tax is a fee that is imposed on sales of co-ops or condos that is a small percentage of the total sale price and typically paid for by the buyer, which allows co-ops and condo organizations to fund crucial maintenance, repair, and investment costs without having to raise monthly charges on all residents. The flip tax came under attack in August 2010 when the Federal Housing Financing Authority proposed a rule that would prevent Fannie Mae, Freddie Mac, and other federal banks from providing from providing mortgages in sales where buyers pay a flip tax for their properties.
In order to protect shareholders and unit owners across the city, Weiner rallied the entire New York City House delegation and wrote a letter to the FHFA in October 2010, noting the catastrophic impact its proposal could have on the financial health and viability of so many boards and developments across the five boroughs. [Letter to FHFA, October 2010] With Weiner successful in making the case against the proposal, the FHFA backed down from it in February 2011, and this important revenue source was preserved. [Letter from Steve Spinola, REBNY President, to individual members highlighting Weiner’s role]
"Making the tax code more generous for the wealthy has never been my focus," Weiner said. "But I have always looked for opportunities to make things easier for the middle class and those struggling to make it. These accomplishments weren’t easy. In fact they were tough, but they really helped and I’m proud of them."
Weiner also highlighted Idea #63, Make City Tax Rates More Progressive, and Idea #117, Create a ‘Zero Tax Bracket’, from his two books of ideas. Weiner’s proposals would provide much-needed relief for the middle class and those struggling to make it there with a 10% tax cut for every family making $150,000 or less and the elimination of the city income tax burden on New Yorkers who make $40,000 or less in taxable income.