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.
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.
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.
Raised taxes on the wealthy by 2 percent during the Great Depression.
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.
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.
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.
Under proposed legislation, the top rate on ultra-millionaires in New York State would still be less than in other states.