Make us your home page
Instagram

Millionaires group asks New York governor to raise their taxes

ALBANY, N.Y. — A group of more than 40 millionaires has written an open letter to New York Gov. Andrew Cuomo, asking him to raise taxes on the wealthy to help the state invest more in infrastructure, education and antipoverty programs.

In the letter released Monday, they said they are "deeply concerned" about struggling New Yorkers and aging infrastructure. They say they have the "ability and the responsibility to pay our fair share."

Signers included Leo Hindery, Steven Rockefeller and Abigail Disney.

"Look, I've benefited from being in New York my whole life. I've built companies in a fertile business environment, and I've enjoyed the quality of life we have here," said another signer, Lewis Cullman, a businessman and philanthropist who developed At-a-Glance calendars. "I'm very philanthropic, like a lot of my peers, but there are many important things that philanthropy just doesn't do — and can't do — like pave our streets, build airports, inspect our food and educate all our children, just to name a few. Those of us in the top 1 percent of incomes have a particular responsibility to contribute to the public sector at a higher marginal tax rate than everyone else."

The letter-writing effort was organized by the Fiscal Policy Institute, a labor-backed think tank. The FPI wants lawmakers to adopt what it calls the "1 percent" plan, which would increase New York's highest income-tax rate from the current 8.82 percent to 9.99 percent. It also would increase the number of tax brackets and rates, creating a more graduated tax system.

New York's "millionaire's tax," first imposed by Cuomo and lawmakers in 2011, is set to expire at the end of 2017. The FPI and its allies don't want lawmakers to wait until then to act.

But their proposal faces tough odds. The Republican-led Senate opposes the idea and Cuomo hasn't pushed for renewing tax rates ahead of time. The Democrat-dominated Assembly supports increasing taxes on millionaires.

Cuomo and legislators are trying to settle the 2016-17 budget by April 1, the start of New York's fiscal year.

Millionaires group asks New York governor to raise their taxes 03/21/16 [Last modified: Monday, March 21, 2016 8:38pm]
Photo reprints | Article reprints

Copyright: For copyright information, please check with the distributor of this item, Tribune News Service.
    

Join the discussion: Click to view comments, add yours

Loading...
  1. Amid U.S. real estate buying binge by foreign investors, Florida remains first choice

    Real Estate

    Foreign investment in U.S. residential real estate recently skyrocketed to a new high with nearly half of all foreign sales happening in Florida, California and Texas.

    A National Association of Realtors annual survey found record volume and activity by foreign buyers of U.S. real estate. Florida had the highest foreign investment activity, followed by California and Texas. [National Association of Realtors]
  2. Trigaux: Tampa Bay health care leaders wary of getting too far ahead in disruptive times

    Business

    Are attempts to repeal Obamacare dead for the foreseeable future? Might the Affordable Care Act (ACA), now in dire limbo, be revived? Will Medicaid coverage for the most in need be gutted? Can Republicans now in charge of the White House, Senate and House ever agree to deliver a substitute health care plan that people …

    Natalia Ricabal of Lutz, 12 years old, joined other pediatric cancer patients in Washington in July to urge Congress to protect Medicaid coverage that helped patients like Ricabal fight cancer. She was diagnosed with Ewing's sarcoma in 2013 and has undergone extensive treatments at BayCare's St. Joseph's Children's Hospital in Tampa. [Courtesy of BayCare]
  3. The Iron Yard coding academy to close in St. Petersburg

    Business

    ST. PETERSBURG — The Iron Yard, a code-writing academy with a location in downtown St. Petersburg, will close for good this summer.

    Instructors (from left) Mark Dewey, Jason Perry, and Gavin Stark greet the audience at The Iron Yard, 260 1st Ave. S, in St. Petersburg during "Demo Day" Friday, Oct. 7, 2016, at The Iron Yard, which is an immersive code school that is part of a trend of trying to address the shortage of programmers.  The academy is closing this summer.  [LARA CERRI   |   Times]
  4. Florida's unemployment rate drops for fourth straight month

    Markets

    Unemployment in Florida hit a 10-year low in June, clocking in at 4.1 percent, down from 4.3 percent in May. The state added 19,400 jobs over the month, and saw growth in most industries. But there's one glaring missing piece to the economic recovery puzzle: wage growth.

    Florida's unemployment level dropped to 4.1 percent in June from 4.3 percent in May. |  [Times file photo]
  5. Is sinkhole damage sinking Tampa Bay property values?

    Real Estate

    On a scale of desirability, the house for sale on Whittner Drive in Land O' Lakes would rank fairly low. It's a short sale; it sits on an unstabilized sinkhole and it's within a few miles of two houses that collapsed into a gargantuan hole July 14.

    A gated community in Hernando's Spring Hill area, Pristine Place has long been susceptible to sinkholes with nearly a third of its houses with documented sinkhole damage by 2012. Today, however, many houses with repaired sinkhole damage are selling for more than houses without any issues. [WILL VRAGOVIC   |   Times file photo]