But New York’s Democratic-controlled assembly is aiming to push through measures to impose an increased rate on the state’s top earners. The rate would go up to 9.65 percent for those making between $10 million to $100 million, while those who earn in excess of $100 million would pay 9.99 percent.
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The letter says that it’s “shameful” that child poverty and homelessness among families are at record levels in the state.
The letter, signed by Abigail Disney, Agnes Gund, Leo Hindery, Steven C. Rockefeller and others, proposes new, higher tax rates for the top 1 percent of earners.
New York governor Andrew Cuomo marches in the annual St. Patrick’s Day parade, one of the largest and oldest in the world on March 17, 2016 in New York City.
It states: “As New Yorkers who have contributed to and benefited from the economic vibrancy of our state, we have both the ability and the responsibility to pay our fair share”.
Numerous 51 signers are members of the Responsible Wealth project, a network of more than 700 wealthy Americans who advocate for fair taxes and corporate responsibility.
Cuomo and the leaders have until April 1 to decide if the millionaires’ tax will be included in the state budget (as Cuomo indicated, current rates don’t expire until 2017, so it’s not totally necessary to strike a deal by the budget deadline).
The millionaires added: “These human and physical infrastructure investments will pay off in the creation of new jobs, a workforce prepared to fill them and a reduction in the extreme income inequality that now exists in our state”.
Currently, single filers making more than $1,062,000 pay the state’s top rate of 8.82 percent. Lawmakers should invest in public education, pathways out of poverty and infrastructure. The proposed plan would keep the rate for those making $1 million to $2 million, while progressively raising the rate for millionaires in higher brackets. The note has been issued by a subset of the “Patriotic Millionaires”, a group of 200 high net-worth USA citizens which is dedicated to ensuring that policies benefit the majority of people rather than the wealthy elite.
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Republicans, who control the New York State Senate, are firmly opposed to the tax hike.
