Raise Revenue.
Rebuild New York State.

There are three common-sense revenue enhancers that the governor and the Legislature should pursue:

$5.5 billion

Billionaire's Wealth Tax

  • A wealth tax on billionaires would create a yearly assessment on the speculative wealth of billionaires, which includes unrealized capital gains. A wealth tax on billionaires is projected to generate $5.5 billion or more per year. 

$2.7 billion

Ultramillionaire’s Tax

The ultramillionaire’s tax, as proposed in S.8164 (May)/A.10364 (Simotas), would create a higher income tax bracket for incomes above $5 million, $10 million and the top bracket for those with an income of over $100 million per year.

  • The proposed top bracket (10.32 percent) would still be below the current tax rate in both New Jersey (10.75 percent) and California (13.3 percent).
  • It is estimated that these new income tax brackets, which would affect 4 percent of our residents, would generate upwards of $2.7 billion.
  • From 2009, when the millionaire’s tax was first enacted, to 2016, the number of millionaires in New York grew by 72 percent and their wealth increased by 54 percent. By comparison, the wealth of non-millionaires had risen by only 33 percent during that same time.
$650 million

Pied-à-Terre Tax

This tax, as proposed in S.44 (Hoylman)/A.4540 (Glick), would be an assessment on luxury, non-primary residences in New York City with an assessed value of over $5 million.

It is estimated that a mere 2 percent of the city’s housing stock would qualify for the pied-à-terre tax. 

Make sure your lawmakers are on the right side.

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

Raising taxes on the rich during times of an economic downturn?

Yes. New York State has a history of raising taxes during times of an economic downturn.


Herbert Lehman

45th Governor of New York

Raised taxes on the wealthy by 2 percent during the Great Depression.

Nelson Rockefeller

49th Governor of New York

Raised taxes on the wealthy by 3 percent during the "Eisenhower Recession" of 1958-59, and by 4.9 percent during the recession of 1961.

George Pataki

53rd Governor of New York

Vetoed tax increases in 2003, during the post-9/11 recession. Legislative leaders overrode his veto and passed higher taxes on the wealthy by 1.1 percent.

David Paterson

55th Governor of New York

Raised taxes on the wealthy by 1.1 percent after the financial collapse in 2009, with the first Millionaires Tax.

New York has the worst economic inequality of any state in the nation – we need fair tax policies to reduce inequality and fund essential public services such as public education.

  • $2,202,480 - Average annual income of the top 1 percent 

  • $49,617 - Average income of everyone else (the bottom 99 percent)

  • 44.4 x - How much more the top 1 percent make than the bottom 99 percent 

Between 1969 and 1976 New York had a top tax rate of 15 percent. This paid for great public schools and free tuition at SUNY and CUNY and other public services across the state, such as housing. 

California

Top Rate: 13.3%

New Jersey

Top Rate: 10.75%

New York

Top Rate: 10.32%

Under proposed legislation, the top rate on ultra-millionaires in New York State would still be less than in other states. 

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.

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