Giuliani Campaign Press Release - Rudy Makes ¢ents Day One: Mayor Giuliani Cut Taxes 23 Times

"Here's what I believe from experience, not just philosophy. I believe that you collect more money from lower taxes than you collect from higher taxes. I believe in supply-side tax policies. I believe in it because I saw it work, and I put a lot on the line in order to make it work. … I reduced taxes 23 times."

– Mayor Rudy Giuliani, Remarks On 12 Commitments To The American People, Bedford, NH, 6/11/07

GIULIANI WORKED WITH DEMOCRATIC CITY COUNCIL TO
GIVE NEW YORKERS LOWEST TAX BURDEN IN DECADES

Giuliani Worked With New York City's Democratic City Council To Reduce Taxes 23 Times. Giuliani: "We wanted to reduce taxes and be able to accomplish some of that with the Democratic City Council, overwhelmingly Democratic. We ended up reducing taxes … 23 times successfully …" (Mayor Rudy Giuliani, Interview With WOKQ Radio's Don Brian, Portsmouth, NH, 3/12/07)

Giuliani Tax Cuts Saved Individuals And Businesses In New York Over $9 Billion. (City Of New York Executive Budget, Fiscal Year 1996; City Of New York Executive Budget, Fiscal Year 1997; City Of New York Executive Budget, Fiscal Year 1998; City Of New York Executive Budget, Fiscal Year 2002)

By End Of Giuliani's Term, New Yorkers' Tax Burden Was Reduced 17% – Its Lowest Level In Decades. (City Of New York Office Of Management And Budget, City Of New York Executive Budget Fiscal Year 2002 Budget Summary, pp. 8, 11)

GIULIANI'S 23 TAX CUTS

ONE: Expiration Of 12.5% Personal Income Tax Surcharge. First proposed in fiscal year 1995 budget and enacted in fiscal year 1999. (City Of New York Office Of Management And Budget, City Of New York Executive Budget Fiscal Year 1995 Budget Summary, p. 17; City Of New York Office Of Management And Budget, City Of New York Executive Budget Fiscal Year 2000 Budget Summary, p. 18)

TWO: Hotel Tax Reduced From 6% To 5%. Proposed and enacted in fiscal year 1995 budget. (City Of New York Office Of Management And Budget, City Of New York Executive Budget Fiscal Year 1995 Budget Summary, p. 17; City Of New York Office Of Management And Budget, City Of New York Executive Budget Fiscal Year 1996 Budget Summary, p. 18)

THREE: Reductions In Commercial Rent Tax. Proposed and enacted in fiscal year 1995 budget. (City Of New York Office Of Management And Budget, City Of New York Executive Budget Fiscal Year 1995 Budget Summary, p. 17; City Of New York Office Of Management And Budget, City Of New York Executive Budget Fiscal Year 1996 Budget Summary, p. 18)

FOUR: Unincorporated Business Tax Reforms And Credits. Reform package was first proposed and enacted in fiscal year 1995 budget. Increase in the UBT tax credit was first proposed in fiscal year 1995 budget and enacted in fiscal year 1997. (City Of New York Office Of Management And Budget, City Of New York Executive Budget Fiscal Year 1995 Budget Summary, p. 17; City Of New York Office Of Management And Budget, City Of New York Executive Budget Fiscal Year 1996 Budget Summary, p. 18; City Of New York Office Of Management And Budget, City Of New York Executive Budget Fiscal Year 1998 Budget Summary, p. 42)

FIVE: Commercial Revitalization Program. A variety of tax benefits that delivered incentives to commercial property owners. First changes proposed and enacted in fiscal year 1997. (City Of New York Office Of Management And Budget, City Of New York Executive Budget Fiscal Year 1998 Budget Summary, p. 43; see also, City of New York Tax Forecasting Documentation, p. I-12)

SIX: Banking Corporation Tax. Tax cuts for banking corporations doing business in New York City effective for tax years on or after 1996. (City Of New York Office Of Management And Budget, City Of New York Executive Budget Fiscal Year 2002 Message Of The Mayor, p. 62)

SEVEN: Co-op/Condo Tax Relief. First proposed in 1994. Enacted by fiscal year 1997 and later extended. (City of New York Office of Management and Budget, City of New York Executive Budget Fiscal Year 1995 Budget Summary, p. 17; City of New York Office of Management and Budget, City of New York Executive Budget Fiscal Year 1996 Budget Summary, p. 19; City of New York Office of Management and Budget, City of New York Executive Budget Fiscal Year 1997 Budget Summary, p. 14; City of New York Office of Management and Budget, City of New York Executive Budget Fiscal Year 1998 Budget Summary, p. 42)

EIGHT: Business Tax Reform. A number of tax reforms first proposed in 1996. Enacted in fiscal year 1998. (City of New York Office of Management and Budget, City of New York Executive Budget Fiscal Year 1997 Budget Summary, p.14; City of New York Office of Management and Budget, City of New York Executive Budget Fiscal Year 1998 Budget Summary, p. 42)

NINE: Sales Tax – Misc. Exemptions. Several different sales tax exemptions first proposed in 1994. First sales tax exemptions enacted in fiscal year 1996. (City of New York Office of Management and Budget, City of New York Executive Budget Fiscal Year 1995 Budget Summary, p. 17; City of New York Office of Management and Budget, City of New York Executive Budget Fiscal Year 1996 Budget Summary, p. 19; City of New York Office of Management and Budget, City of New York Executive Budget Fiscal Year 1997 Budget Summary, p. 14; City of New York Office of Management and Budget, City of New York Executive Budget Fiscal Year 1998 Budget Summary, p. 42)

TEN: Sales Tax – Clothing Exemptions. Several different sales tax exemptions. First proposed in 1994. First clothing exemption passed in 1997. (City of New York Office of Management and Budget, City of New York Executive Budget Fiscal Year 1995 Executive Budget Summary, p. 17; City of New York Office of Management and Budget, City of New York Executive Budget Fiscal Year 1996 Budget Summary, p. 19; City of New York Office of Management and Budget, City of New York Executive Budget Fiscal Year 1997 Budget Summary, p. 15-16; City of New York Office of Management and Budget, City of New York Executive Budget Fiscal Year 1998 Budget Summary, p. 42-43; City of New York Office of Management and Budget, City of New York Executive Budget Fiscal Year 1999 Budget Summary, p. 24-25; City of New York Office of Management and Budget, City of New York Executive Budget Fiscal Year 2000 Budget Summary, p. 18-19; City of New York Office of Management and Budget, City of New York Executive Budget Fiscal Year 2001 Budget Summary, p. 42; City of New York Office of Management and Budget, City of New York Executive Budget Fiscal Year 2002 Budget Summary, p. 50)

ELEVEN: Resident UBT/PIT Credit. For tax year 1997, unincorporated business owners were allowed to take a partial credit against their City personal income tax liability. (City of New York Office of Management and Budget, City of New York Executive Budget Fiscal Year 2002 Mayor's Message, p. 67; City of New York Office of Management and Budget, City of New York Executive Budget Fiscal Year 1999 Budget Summary, p. 25)

TWELVE: Real Property Transfer Tax Exemption For Assumable Mortgages. First proposed in 1997. Tax relief provided in fiscal year 1998. (City of New York Office of Management and Budget, City of New York Executive Budget Fiscal Year 1998 Budget Summary, p. 43; City of New York Office of Management and Budget, City of New York Executive Budget Fiscal Year 1999 Budget Summary, p. 24)

THIRTEEN: Elimination of Vault Charge. First proposed in 1996. Eliminated by fiscal year 1999. (City of New York Office of Management and Budget, City of New York Executive Budget Fiscal Year 1997 Budget Summary, p. 15-16; City of New York Office of Management and Budget, City of New York Executive Budget Fiscal Year 1999 Budget Summary, p. 24)

FOURTEEN: Elimination of Tax on Coin-Operated Amusement Devices. First proposed in 1996. Eliminated by fiscal year 1999. (City of New York Office of Management and Budget, City of New York Executive Budget Fiscal Year 1997 Budget Summary, p. 15-16; City of New York Office of Management and Budget, City of New York Executive Budget Fiscal Year 1999 Budget Summary, p. 24)

FIFTEEN: College Tuition Deduction Credit/PIT. Elimination enacted in 2000. (City of New York Office of Management and Budget, City of New York Executive Budget Fiscal Year 2002 Budget Summary, p. 50)

SIXTEEN: Marriage Penalty Reduction. First proposed 1999 and passed in 2000. (Mayor's Tax Reform Task Force, Report To Mayor Rudolph Giuliani On The Recommendations Of The Tax Reform Task Force, 12/99, p. 13; City of New York Office of Management and Budget, City of New York Executive Budget Fiscal Year 2002 Budget Summary, p. 50)

SEVENTEEN: Sales Tax Exemption on Utility Transmission And Distribution. Grew out of 1999 utility tax reform proposals. Passed in 2000. (Mayor's Tax Reform Task Force, Report To Mayor Rudolph Giuliani On The Recommendations Of The Tax Reform Task Force, 12/99, p. 2, 5, 23-24; City of New York Office of Management and Budget, City of New York Executive Budget Fiscal Year 2002 Budget Summary, p. 50)

EIGHTEEN: Web Hosting And HDTV Equipment Sales Tax Exemption. Grew out of proposals from 1999 examining tax treatment of new media industries. 2000 Legislative Session. (City of New York Mayor's Office, "Mayor Giuliani Announces Initiative To Transform Unused Water Main Into Conduit For High-Speed Telecommunications Network And Digital NYC Program To Expand Silicon Alley Citywide," Press Release, 4/3/00; Mayor's Tax Reform Task Force, Report To Mayor Rudolph Giuliani On The Recommendations Of The Tax Reform Task Force, 12/99, p. 28; City of New York Office of Management and Budget, City of New York Executive Budget Fiscal Year 2002 Budget Summary, p. 50)

NINETEEN: A Reduction In Taxes On Bank Mutual Fund Companies. First proposed in 1999. Passed in 2000. (Mayor's Tax Reform Task Force, Report To Mayor Rudolph Giuliani On The Recommendations Of The Tax Reform Task Force, 12/99, p. 20; City of New York Office of Management and Budget, City of New York Executive Budget Fiscal Year 2002 Budget Summary, p. 50)

TWENTY: Cut In 14% PIT Surcharge. Proposed in 2000 and enacted by fiscal year 2002. (City of New York Office of Management and Budget, City of New York Executive Budget Fiscal Year 2001 Budget Summary, p. 43; City of New York Office of Management and Budget, City of New York Executive Budget Fiscal Year 2002 Budget Summary, p. 50)

TWENTY-ONE: Borough Development Program. Proposed and created in 2001. (City of New York Office of Management and Budget, City of New York Executive Budget Fiscal Year 2002 Budget Summary, p. 50)

TWENTY-TWO: STAR Personal Income Tax. Proposed in 1998. Tax benefits provided in fiscal year 1999. (City Of New York Office Of Management And Budget, The City Of New York Executive Budget Fiscal Year 1998 Budget Summary, p. 46-47; City Of New York Office Of Management And Budget, The City Of New York Executive Budget Fiscal Year 1999 Budget Summary, p. 27)

TWENTY-THREE: STAR Property. Changes benefiting New York City proposed in fiscal year 1998 Executive Budget. Tax benefits provided in fiscal year 1999. (City Of New York Office Of Management And Budget, The City Of New York Executive Budget Fiscal Year 1998 Budget Summary, p. 46-47; City Of New York Office Of Management And Budget, The City Of New York Executive Budget Fiscal Year 1999 Budget Summary, p. 27)