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NYC Property Tax Change Seen Yielding $4 Billion Windfall

Mayor Bill de Blasio’s vision of raising income taxes to pay for pre-kindergarten and after-school programs would generate $530 million a year. By revamping property taxes -- and taking on some of New York’s richest residents -- he could get eight times as much.

De Blasio, a self-described progressive Democrat, was elected on a promise to reduce income inequality in a city where the richest 1 percent took home almost 40 percent of all earnings in 2012. New York’s property-tax structure does little to reduce that divide and may even widen it.