The following are two reports on tonight’s debate between Mike Bloomberg & Bill Thompson.

First is the WCBSTV report, and following that is the NY1 report:

WCBSTV REPORT: It’s tax the rich time again. Democratic mayoral contender Bill Thompson now wants to tax the rich to help solve the city’s fiscal woes.

Thompson didn’t always feel this way. It’s a flip flop at a time when Mayor Michael Bloomberg says no new taxes for anybody.

“The millionaire’s tax for New York City is not a good idea. We don’t want to drive people out of New York City, so tax increases should probably be done across the board,” Thompson said.

A year ago Thompson wanted to tax everybody, but in the heat of the mayoral race his bull’s-eye is only on the well-to-do.

“The only taxes I’ve said should be increased and I would have done it this year are taxes on wealthy New Yorkers. Those making half a million dollars a year of more,” Thompson said.

Why the flip flop?

“The constant changing circumstances we’re living in. We’re watching a recession in New York City that continues to deepen,” Thompson said.

Sources say that Thompson changed his position on the millionaire’s tax in order to get the support of the Working Families Party, which has long believed that taxing the rich is the best way to raise revenue.

Bloomberg is blasting Thompson for the flip flop, and pundits say Thompson’s approach could backfire on him.

“The great fear and one of the reasons this always has trouble picking up strong political selling point is that people fear that millionaire becomes half a million becomes a quarter million becomes a $100,000 and suddenly it’s a middle class tax,” said David Birdsell of Baruch College.

Tax policy has become a big issue in the mayoral race. On Monday Bloomberg pledged no new taxes next year.

“I don’t think taxpayers can really stand any more taxes at any level,” Bloomberg said.

But Thompson refused to make that same pledge on Tuesday.

“You know one doesn’t know where the fiscal situation is going to be,” Thompson said.

Voters will soon get a chance to weigh in. The election is just three weeks away.

The rich already pay most of the taxes, with 61 percent of the income taxes taken in by NYC in 2006 paid by just 2.6 percent of city residents, making $200,000 a year and up.

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NY1 REPORT: With just three weeks left until Election Day, the candidates for mayor faced off tonight in the first of two debates.

Mayor Michael Bloomberg and Democratic rival Bill Thompson met at El Museo del Barrio in East Harlem to defend their positions on several hot topics including term limits, public safety, education and the city’s economy.

“We’re going through tough times. People are worried. We can come together like we’ve done in the past,” Bloomberg said during his opening remarks, which were interrupted by a heckler in the audience.

Thompson, meanwhile, set the tone by going after the mayor’s campaign spending.

“I’m disappointed by money spent to distort my record and rewrite history,” Thompson said.

On the issue of term limits, Bloomberg said his decision to change the law was based on the ability to give residents a choice, and that he was urged by many to run for an additional term.

Thompson quickly blasted back, saying the mayor actually went around the people in his decision to do so and undermined Democracy.

When asked about the success of mayoral control of city schools, Bloomberg pointed to the increase in student performance and overall safety.

Thompson, meanwhile, argued that parents have been shut out of the education process as a result of mayoral control. He also defended his own record of serving as the head of the old board of education.

Earlier in the day, Thompson picked up a key endorsement from the city’s second largest law enforcement union — the Correction Officers Benevolent Association.

The union backed Mayor Bloomberg in the last two elections, but the association’s new president is criticizing the mayor for extending term limits and says Thompson has a better vision for the city.

Thompson and Bloomberg will debate again on October 27th.

(Source: WCBSTV / NY1)