Kyle Bragg testifies on confusion and unintended consequences for everyday New Yorkers
Kyle Bragg supports taxing the wealthy but raises concerns about the rollout's lack of clarity. He shares a story of a retired friend who bought a brownstone 40 years ago, now worth over $5 million, who is worried about being subject to the tax despite living in the city.
Good afternoon, esteemed council members and fellow New Yorkers.
My name is Kyle Bragg.
I want to be clear that any legislation that's proposed to hold the wealthy accountable to their fair share is a good thing.
My challenge is the rollout and how unclear and leaves so many questions in the minds of so many hardworking New Yorkers.
By way of example, I had a friend call me just recently asking me to explain whether or not he believes he might be subject to the Peter Tare.
He's worked over 50 years in this city, he and his wife.
Bought a brownstone 40 years ago at near $400,000.
Now he believes it's worth over $5 million.
He's retired to the South to seek warmer weather and to stretch his retirement dollars out.
And he's concerned now because he kept his brownstone here so they can feed him.
with his kids and his grandkids, whether or not he'd be subject to the Peter Tear.
It's the unknown factor and unknown intent or consequences to the Peter Tear that is troubling to everyone.
It's not only billionaires that are concerned, it's the everyday hardworking New Yorkers who've dedicated themselves to making this city work.
That are very concerned about what impact it might have.
And my challenge is, as well as all the people I've spoken to, is what does it mean to them?
Is there any unknown consequences or impact to hardworking New Yorkers who this was not intended to affect?
So thank you for your time and thank you for allowing me to speak.
Go ahead, next.
Jason, go ahead.