New York City Passes $500 Million Tax Cut.

• Position: Brief Article - Statistical Data Included

In early June, Mayor Rudolph Giuliani and the City Council agreed to a $39.6 billion budget that would decrease the income and sales taxes while restoring funds to cultural institutions, libraries, and services for the elderly. Disagreements between the mayor and council over school funding levels had threatened to derail budget adoption. However, a budget compromise was reached after Mayor Giuliani offered to add money for city health clinics and forgo his plans to hire private companies to run some of...