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Q&A
Council Member Brannan questions OMB on sales tax forecast and tariff impacts
0:59:52
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38 sec
Council Member Justin Brannan inquires about the executive plan's downward revision of the city's sales tax forecast and the potential impacts of the Trump administration's tariffs on consumer prices in New York City. OMB Director Jacques Jiha responds by explaining the relationship between economic slowdown, consumer spending, and sales tax growth.
- The executive plan includes a downward revision in the city's sales tax forecast from the January plan.
- OMB expects that an economic slowdown would lead to decreased consumer spending and consequently, a decline in sales tax growth.
Justin Brannan
0:59:52
The sales talking about sales tax, the executive plan includes a downward revision in the city's sales tax forecast from the January plan.
1:00:01
What potential impacts does OMB assume the Trump administration's tariff chaos will have on consumer prices in New York City?
Jacques Jiha
1:00:10
I mean to the extent that you know if know everybody's done with the forecast of the economy and if you have a slowdown in the economy, so we expect consumer to spend less.
1:00:24
If consumer to spend less, we expect sales tax growth decline as well.