Instead Of Pied-à-Terre Tax, New York Gets 'Volatile' Mansion Tax Expansion: Gothamist

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Should millionaires get the circuit breaker for New York City property tax?

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Listen to our friend Vicki Been ask about whether millionaires should get the New York City property tax circuit breaker.  What is the circuit breaker?  I   suppose circuit breakers need some description nowadays, since they have   become rare and shy of the Common People, as they call us. They are a cut off for the property tax based on your income. So if you make $400,000 a year and your net worth is $100 million dollars but your property tax is $120,000 a year, this question is asking should you qualify for the circuit breaker.  What do you think? "In general that's a very specific question about whether the wealthy two hundred thousand four hundred thousand a year six hundred thousand a million a year should get a circuit breaker. Right there..."
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