Hawkins to Cuomo: Renew Millionaires' Tax

For immediate release: September 26, 2018

Cuomo is reverting to his conservative instincts with his hesitancy to renew the millionaires tax. He doesn’t need to review the state’s budget and capital plans to know we need the millionaire’s tax to fully fund good schools and services, for infrastructure repair, and to replenish state’s reserve funds so we are ready for the next economic downturn.

We should not only renew the millionaire’s tax, we should add progressively graduated brackets for multi-millionaire incomes. The share of all income in New York State for the top 1% has grown from 12% in 1980 to 31% today. Meanwhile, the lowest tax bracket was doubled from 2% to 4% and highest bracket cut from 15% to 8.82% for millionaires. The very wealthy can afford to pay more and they will still be super-rich.

NYCHA capital budget needs $32 billion over 5 years for repairs. The MTA’s Fast Forward plan needs $37 billion over 10 years to fix the subways. Other state infrastructure needs $80 billion over 20 years. It will cost $4.2 billion to catch up on Foundation Aid funding promised to fully fund high-poverty school districts pursuant to the Campaign for Fiscal Equity decision. The state needs $7 billion a year to pay for its unfunded mandates so local governments can cut our highest-in-the-nation property taxes.

Progressive taxation – including a graduated millionaire’s tax – is the fairest way to provide the public services and infrastructure New York residents deserve. If the millionaire’s don’t pay more, the rest of us will pay more in undelivered public services and failing public infrastructure.