AN OVERWHELMING MAJORITY OF NEW YORKERS FAVOR LEGISLATION TO ADDRESS THE BUDGET SHORTFALL BY RAISING TAXES ON INCOMES OVER $1,000,000.
RAISING TAXES ON THE ULTRA-WEALTHY IS ACCEPTABLE, BUT NOT CUTTING SERVICES
Raise taxes on incomes greater than $5 million
Raise taxes on incomes greater than $1 million
Raise taxes on incomes greater than $500,000
Reduce funding for roads, bridges, transportation
Reduce unemployment benefits
Reduce funding for K-12 public schools
Reduce healthcare funding for low-income families and seniors
Reduce funding for services for elderly/disabled
83% more millionaires since the NYS millionaires tax
10% more millionaires in the first year after it was imposed
30% more millionaires in two years after 2003 NYC tax on wealthy
Comptroller report found millionaires “least likely to move” after NYC tax increase
Repeated academic studies show working and middle-class people far more likely to move than the super-rich
In this crisis, we need shared sacrifice, which includes asking the wealthiest to pay slightly higher taxes so services aren't slashed.
Many wealthy New Yorkers will just move to other states to avoid new taxes, and businesses will be less likely to come here.
INCOME TAX RATES WOULD STILL BE LESS THAN CALIFORNIA & NEW JERSEY & LOWER THAN NEW YORK IN 1975
SHARED SACRIFICE IS NORMAL IN A TIME OF CRISIS
FDR and Herbert Lehman raised taxes on the wealthy by 2% during the Great Depression.
Nelson Rockefeller raised taxes on the wealthy by 3% during the “Eisenhower Recession” of 1958-59, and by 4.9% during the recession of 1961.
Legislative leaders raised taxes on the wealthy by 1.1% in 2003 during the post-9/11 recession over George Pataki’s vetoes.
David Paterson raised taxes on the wealthy by 1.1% after the financial collapse in 2009 with the first Millionaires Tax.