New York’s Wealthiest Asks Government to Raise Taxes

A number of highest earnings bracket New Yorkers have requested that the state government imposes more tax on them. About eighty individuals, including Abigail Disney, George Soros and Steven Rockefeller, have written to lawmakers concerning this. The letter has also been sent to Andrew Cuomo, the Governor of New York. Cuomo is a Democrat. The authors of the letter have said that they, along with extremely rich people of the city should pay larger amounts to support schools, poor help programs, schools, bridges and roads. They also want their taxes to help the state’s homeless residents.

Democrats and Republicans

This proposal faces a number of political obstacles from within the state Legislature. The Assembly has a majority of Democrats. It has made its own plan when it comes to increasing taxes to be imposed on super rich people. Republicans, however, oppose such an idea. They are a majority in the Senate. Lawmakers continue to negotiate details linked to the state budget. They hope that a deal will happen within the first day of April. The lawmakers said that the rich supports an imposition of a higher amount of tax so that New York state can fund deficient physical infrastructure and human needs.

The content of the letter reads that it is now the correct time for investing when it comes to preserving the long term economic sustenance of New York city. It continues on to say that there is a requirement to invest in the numerous avenues that lift people out of poverty. It spoke about economic ladders for all citizens. There was also a mention of investment in the city’s crumbling infrastructure. These include the public buildings, weak bridges, waterlines and roads among others. The letter has also provided authorization to a plan which will create a higher income and new tax bracket. This will be applicable only for the top earners. It is estimated that the levy will result in an increased tax collection amounting to $2 billion.

Millionaire signees

Most of the letter signees are millionaires. Their earnings cross $650,000. This number makes them the top one percent of earners in New York city. The Fiscal Policy Institute, an economic think tank known to push a liberal leaning agenda, has been pushing the proposal. Ron Deutsch, the executive director of Fiscal Policy Institute, expressed his happiness at such an initiative. He said that it is good to see the richest residents of the state willing to contribute more to the state’s development.

Leave a Comment