NATION : Dinkins to Raise N.Y. City Taxes
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NEW YORK — Mayor David N. Dinkins, after only a month in office and faced with a giant budget deficit, said today he would raise taxes by $550 million and cut city services.
“This is a time for tough choices. . . . We have not entered a recession--not yet anyway--but these are very hard times indeed,” Dinkins said as he unveiled a $27.8-billion budget, highest in the city’s history.
Dinkins, the city’s first black chief executive, is facing a projected $1.2-billion deficit for the fiscal year starting next July 31 and a $400-million gap for the current fiscal year.
Dinkins proposed raising property and city income tax surcharges by $550 million. He said he will also cut city services by $226 million to help close the gap. Additional measures such as savings through increased productivity will also be aimed at closing the budget gap.
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