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Some of New York’s wealthiest taxpayers are urging the state to raise their taxes to pay for education, infrastructure and anti-poverty programs.
More than 80 wealthy New Yorkers—including George Soros, Abigail Disney and Steven Rockefeller—sent a letter March 21 urging the governor and legislative leaders to expand and make permanent the state’s so-called millionaire’s tax. They are part of United for a Fair Economy’s Responsible Wealth Project.
The plan would raise $6 billion in revenue annually by creating five new marginal tax rates for those earning more than $665,000 per year. The top rate would be 9.99 percent for those earning at least $100 million.
The millionaire’s tax has become a major sticking point in budget negotiations this year between Gov. Andrew M. Cuomo (D) and legislative leaders.
Cuomo wants to extend the tax, which sets a top rate of 8.82 percent on singles earning $1 million and married couples earning $2.1 million. Democrats who control the state Assembly want to expand the tax, similar to the plan supported by Responsible Wealth.
But the Republicans who control the state Senate, along with a breakaway group of Democrats, want to let the tax expire at the end of this year. They’re supported by the state’s business groups and conservatives.
Conference committees are negotiating the terms of a fiscal year 2017-18 budget, which is expected to total about $152 billion. The state’s fiscal year begins April 1.
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