WASHINGTON (AP) - D.C. Council Chairman Kwame Brown says there is almost no chance he will accept an income tax hike on the district's wealthiest residents to delay implementation of a tax on out-of-state municipal bonds.
Brown made the comments to The Washington Post on Thursday, a day after Mayor Vincent Gray issued a pocked veto of a budget amendment that called for money to be used from the district's reserve fund to delay the collection of the new tax. Gray argued that using the money could result in a downgrade of the district's bond rating.
The result of the veto is that the new bond tax will now take effect retroactively.
Brown says he will likely push to form a commission to explore potential cuts and savings to the city's budget.
Information from: http://www.washingtonpost.com