Word: cents
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Dates: during 1960-1969
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Prof. Gerald Boyle of the University of New Mexico has estimated aggregate elasticities for state and local governments between 1956 and 1966. What he found would not surprise any urban mayor, particularly John Lindsay. With every one per cent increase in income, expenditures grew by 1.1 per cent while revenue grew by only 9 per cent...
...working paper circulating in the Mayor's office estimates that "City revenues have a natural growth... of only about 5 per cent, while City expenses are now growing at a rate of 15 per cent...
...limited to taxes which are on the whole regressive: the poor pay proportionately more. According to unpublished research done at the National Bureau of Economic Research for fiscal year 1968-69, a family in New York City with a before-tax income under $2,000 paid 11.5 per cent in total City taxes. As family income rose, this steadily decreased to 5.7 per cent for a family with income between $10,000 and $15,000 Families making over $15,000 paid an average of 74 per cent, a slight increase but still less than for families with below poverty-level...
...first full year under this program, New York State would receive $117 million out of a $1 billion pot. New York City would then receive approximately $50 million of this, amounting to less than one per cent of its present budget...
...billion, resulting in New York City receiving about $250 million. But if the City's budget grows at the same pace that it has been growing for the last decade, from $2.2 billion to $6.6 billion, this still will not amount to more than two per cent of the City's budget...