Metro

Liu: Ax big firms’ tax breaks

Take from the rich and give to the less rich.

That’s city Comptroller John Liu’s plan, as outlined in a State of the City speech he will give today.

Liu wants to cut Madison Square Garden’s $15 million annual property-tax break.

And he proposes cutting tax breaks for developers and making private equity firms pay unincorporated business tax for carried interest or gains from assets held for investment, worth about $200 million a year.

To help smaller firms, he wants to eliminate the corporation tax for all businesses with liabilities of less than $5,000 to save companies about $200 million in city revenue.

Businesses that earn less than $250,000 a year would be exempt from the city’s unincorporated business tax under his plan.