New Yorkers Support
Taxing Upper-Income Earners

AN OVERWHELMING MAJORITY OF NEW YORKERS FAVOR LEGISLATION TO ADDRESS THE BUDGET SHORTFALL BY RAISING TAXES ON INCOMES OVER $1,000,000.

Percentage of voters who support legislation that would raise the state income tax rate on incomes over $1M per year.
Percentage of voters who support legislation that would raise the state income tax rate on incomes over $5M per year.

Support crosses party lines and is found in all parts of the state:

Democrats

92% Support

Republicans

82% Support

Independents

80% Support

NYC Voters

87% Support

Suburban Voters

88% Support

Upstate Voters

86% Support

RAISING TAXES ON THE ULTRA-WEALTHY IS ACCEPTABLE, BUT NOT CUTTING SERVICES

Voters express clear priorities for addressing the state’s expected budget shortfall: raise taxes on those with high incomes instead of cutting essential 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


THE MYTH OF MOVING MILLIONAIRES

  • 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

Voters reject the claim needed tax measures should not be enacted because it may cause high-income people to leave New York State. 

Fully

70% agree

In this crisis, we need shared sacrifice, which includes asking the wealthiest to pay slightly higher taxes so services aren't slashed.

But Only

30% believe

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

TOP NEW YORK STATE TAX RATE, 1975-2020

SHARED SACRIFICE IS NORMAL IN A TIME OF CRISIS

1931, 1933

FDR and Herbert Lehman raised taxes on the wealthy by 2% during the Great Depression.

1958, 1961

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.

2003

Legislative leaders raised taxes on the wealthy by 1.1% in 2003 during the post-9/11 recession over George Pataki’s vetoes.

2009

David Paterson raised taxes on the wealthy by 1.1% after the financial collapse in 2009 with the first Millionaires Tax.


SO, WHAT'S WORTH MORE TO US?

Does your lawmaker support asking our state's ultrawealthy to pay their fair share?

Call your lawmakers: Tell them that our state's ultrawealthy citizens can afford to pay their fair share.