Bloomberg Won’t Raise Taxes on the Millions People Like Him Hide Offshore Anyway

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06/25/2010 10:56 AM |


New York City has a budget. There are damaging cuts to senior centers, day care and adult literacy programs, but, thank god, not a single policeman will lose his job.

(I’ll be back shortly with an update on libraries. In a genuinely good bit of news, all the city’s pools will open as scheduled this summer.)

This new recession-era budget makes up none of its gaps with tax increases: “A group of liberal city lawmakers had urged the mayor to increase taxes on some of the city’s wealthier residents,” the Times reports, “but the mayor had bristled at such a suggestion, saying it would prompt an exodus of residents and tax dollars.” This is an argument our benevolent dictator is fond of using—the financial-news-service billionaire used a variation of it to lobby against financial reform—and he knows of what he speaks: why, he’s been sheltering hundreds of millions of dollars in offshore tax havens for years!