Mike: Bam bank tax will wreck New York
Mayor Bloomberg said yesterday that President Obama’s plan to slap a tax on banks is aimed squarely at the city’s lifeblood and could turn Manhattan into a crumbling wreck like Detroit.
Bloomberg warned that the plan could bring about the collapse of the city’s financial sector and starve New York of revenue it needs to provide basic services.
“The way we pay our cops, firefighters and everybody else in the city is from tax revenues,” Bloomberg said.
“And if you want to see what happens to a city when their major industry fails, just take a look at Detroit,” which has been reeling from the collapse of the auto industry.