New York Millionaires Tell Albany: Tax Us, Please
“There is a tipping point where people say, ‘I love New York, but to spend another $300,000 in taxes, I’ll move to Florida,’” the governor, a Democrat, stated in a radio interview remaining week. “You know, tax the rich, tax the rich, tax the rich. Most progressive tax code, proud of it. But now look at how fragile your economy is.”
The State Senate’s Democratic majority chief, Andrea Stewart-Cousins, of Westchester, has additionally brushed aside the theory of recent taxes.
Of route, innovative activists have argued for years that upper taxes at the wealthy would now not harm the state’s financial system. But the Patriotic Millionaires’ hope — and that of the grass-roots teams aligned with them — used to be that the message would have extra weight coming from, smartly, the wealthy.
“New York will always be New York. There’s no other place like it, and millionaires are concentrated here because of that,” stated Abigail Disney, the great-niece of Walt Disney and a member of the Patriotic Millionaires.
The state’s present tax on prime earners, which used to be branded as a millionaire’s tax however affected other people incomes greater than $300,000, used to be offered in 2009.
Between then and 2016, the selection of millionaires submitting taxes in New York higher by way of 72 p.c, with the ones millionaires’ overall source of revenue expanding by way of 54 p.c in that point, in step with the Fiscal Policy Institute, a union-backed nonpartisan assume tank. Non-millionaires’ source of revenue higher by way of 33 p.c in the similar duration.
“The taxes we’re talking about will not affect people’s quality of life,” stated Ms. Disney, who lives in New York City. She didn’t go back and forth to Albany however has been lively within the Patriotic Millionaires for years. “They will not have any fewer private airplanes or boats because of this tax.”