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Circuit Breaker

Institute a Circuit Breaker based on the Omnibus Consortium's Property Tax Relief and Reform Act (www.omnibustaxsolution.org):

1. Limit Property taxes paid by individuals based on thier income - property taxes should not exceed more that 6-9% of income and should be on a sliding scale

2. Include renters in the Circuit Breaker

3. Include ALL local taxes in Circuit Breaker (not just school taxes)

4. Have same bracket structure for entire state - do not make NYC different than upstate - if someone has the same income and the same tax burden it does not matter where they live.

4. Require 3-5 year residency requirement

5. Support S 4239 - Krueger Circuit Breaker Bill


Submitted by mkd67 5 years ago

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Comments (3)

  1. This is the only one!! This is the real deal!!!

    5 years ago
  2. The neat feature of the circuit breaker concept is that the eligibility for, and amount of, the tax credit depends on relationship between one's tax bill and the income available to pay the tax. That is the only fair measure of a property tax burden. For those who are paying above the given percentage amount already, it will provide an immediate reduction. For those who are not yet paying that level, it can kick in if either 1)property taxes rise significantly OR 2)income drops significantly (no longer uncommon) In this economy, if someone loses a job,for instance, he/she is far more likely to benefit significantly from the circuit breaker than from the rebate check.

    5 years ago
  3. y

    The Omnibus bill is just a way for taxes to be increased on the middle class to support teacher salary hikes. The "middle class" is any household making $50,000 a year or more. Do not be fooled by the propoganda around the bill, read it yourself.

    The Omnibus bill would be fine if it came with a teacher salary freeze. Long Island teachers make more money than school teachers anywhere in the world.

    5 years ago