Article: BLOOMBERG SEEKS TO ELIMINATE NYC APPAREL TAX.(Michael Bloomberg, New York City)

Article from:
WWD
Article date:
January 18, 2007
Author:
Copyright

Byline: Rosemary Feitelberg and Sharon Edelson

NEW YORK - Mayor Michael Bloomberg's proposal to eliminate the city's 4 percent sales tax on clothing was welcome news Wednesday to retail executives.

The mayor put forward a total of $1 billion in tax cuts during his sixth annual State of the City address, delivered at the New York City College of Technology in Brooklyn. That figure includes $750 million of property tax cuts. Early in his speech, Bloomberg said that, last year, the city's unemployment was at an all-time low and its bond rating was at an all-time high.

While the plan to do away with the apparel tax was met with general support from ...

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