For Immediate Release: Friday 17 April
"I was quite surprised by the letter from the Council President today, proposing dramatic changes to the budget and tax structure. The timing is ironic given that early in this budget cycle, I proposed a new formula for raising bonding limits, enabling the County to borrow additional funds while remaining within the established thresholds. At that time, the Council President strongly objected to introducing such a change during budget discussions. Nevertheless, my staff and I are currently reviewing her proposal as quickly as we are able, and I expect we will have more analyses next week. For now, I would note that her proposal to eliminate the homeowner tax credit, known as ITOC, would result in most homeowners paying more property taxes than they would have under my proposal. To explain, the ITOC is a flat $692 credit against property taxes for every homeowner who claims their home as their principal residence. For anyone whose home is valued at under $1,090,000, their property taxes would be higher under her proposal than mine. Additionally, she proposes to eliminate the Working Families Income Supplement, which is aimed at helping the working poor. While she does propose lowering the income tax for those with an adjusted gross income of less than $50,000, most low-income workers would likely see less money in their pockets under her proposal. Of course, it will be up to the Council to make the final budget decisions, and I hope they will hold to the principles in my budget of supporting our schools, honoring the contracts with our County and school workers, and helping the most vulnerable among us."
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