Bloomberg Offers Stunning Prediction Of What Tax Rates Could Be Under Next Mayor

◼ Mayor Michael Bloomberg’s new budget proposal has no new taxes but it comes with a stern warning for his successor — raise union salaries at your peril. If you do, tax rates would skyrocket. - CBS New York

How much? CBS 2’s Marcia Kramer was there as the mayor made his jaw-dropping prediction.

How does 50 percent grab you?

That’s how much Mayor Bloomberg predicted taxes would have to go up if any of the labor-friendly mayoral wannabes win and grant wage hikes to city workers.

“A tax increase of a quarter to 50 percent might do it, but even then it might not. It is … the numbers are staggering,” Bloomberg said.