City Council’s Intro 1146 Will Be Revised

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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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Exponential growth of property tax and of inflation

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See  https://inflationdata.com/Inflation/Inflation_Rate/Long_Term_Inflation.asp What does article is talking about is exponential growth.  The same thing happens to your property tax in New York City. You will experience even faster exponential growth because 4% or 6% is usually higher than inflation nowadays.  2555% Inflation through November 2020 It isn't just a arithmetic doubling it is a compounding. So just as compound interest can multiply your savings, compound inflation can multiply the effects of inflation.  As you can see from the cumulative Inflation chart since 1913 we have seen 2555% inflation. Yes, that is right Two Thousand Five Hundred Fifty-Five percent inflation.
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