NYPAN in Albany - #TaxTheRich
NYPAN RALLIES in ALBANY for the INVEST in OUR NY ACTS!
By Robert Buonaspina and Joseph Sackman, Long Island Activists, a NYPAN chapter
This past Tuesday, NYPAN chapters from all of the state joined our allies at the No Half Measures March in Albany. Hosted by The Invest in Our NY coalition, which includes NYPAN, and over 200 organizations including Make the Road, DSA, Working Families Party, Access to Quality Education, Vocal NY, and New York Communities of Change. We were there to demand an end to Cuomo's austerity budget and to raise revenue to fully fund our public schools, healthcare, assist excluded workers, and money to deal with the homeless crisis and more.
During the rally we heard from multiple speakers, from Vocal NY, AQE, CASA, and several champions of the people, including Senators Julia Salazar and Jabari Brisport and Assembly members Anna Kelles and Yuh-line Niou. The message was loud and clear. We are calling on leaders Andrea Stewart-Cousins and Carl Heastie to do the morally right thing and stand up to Gov. Cuomo and fight for new revenue in this year's budget.
“I will hold the line!” Assemblymember Anna Kelles told the crowd.
By including the Invest in Our NY Act in the state budget New York can raise more than $50 billion a year in new revenue. We can fully fund our schools and so much more! No more fighting over crumbs. Time is short and we only have until (till) April 1st for leadership to stand up to Gov Cuomo and raise taxes on the wealthiest of New Yorkers, who have been seeing record profits and major increases to their personal wealth of upwards of $87 billion during the pandemic. It’s time they pay their fair share.
New York has a regressive income tax system that puts the burden on the working and middle class. Cuomo can’t keep taxing the working and middle class and cutting services. It’s driving our families away. We can do better, we can reform these taxes by passing the Invest in Our NY Act. The six bills would create a progressive income tax system with a progressive income tax, capital gains tax, and inheritance tax, along with a wealth tax and return to a pre-Trump corporate tax structure, as well as a financial transfer tax on Wall Street. These reforms would make sure that the ultra-wealthy stop getting tax breaks and are paying their fair share.
Bill #1: Passing a Progressive Income Tax.
This bill will create an equitable tax system where New Yorkers pay a higher rate if they earn significantly more money. This bill is projected to raise $15 billion dollars. Key Sponsors in the Senate: Senator Jackson, and in the Assembly: Assemblyman Meeks.
Bill #2: Capital Gains Tax
This bill would tax income from stocks in the same way as wages, and is projected to raise $7 billion dollars. Key Sponsors in the Senate: Senator Rivera; and in the Assembly: Assemblyman Kim.
Bill # 3: Heirs’ Tax
This is a progressive tax on large sums of inherited wealth, projected to raise $8 billion a year. Key Sponsors in the Senate: Senators Brisport and Sanders; and in the Assembly: Assemblymember Solages.
Bill # 4: Billionaires’ Tax
This Billionaires’ tax & a Constitutional amendment will permit an additional tax on wealth. It is projected to raise $23 billion in the first year and $1.3 billion per year thereafter. Key Sponsors in the Senate: Senator Ramos and Senator Jackson; and in the Assembly: Assemblymember De La Rosa.
Bill #5: Corporate Tax
This is a bill to repeal the Trump tax cuts, by restoring taxes on the profit a corporation makes each year. It is estimated to raise $9 billion a year. Key Sponsors in the Senate: Senator Hoylman; and in the Assembly: Assemblymember Kelles.
Bill # 6: Wall Street Tax
This bill aims to apply a small tax on Wall St. financial transactions and is projected to raise about $9 billion a year. Key Sponsors in the Senate: Senator Salazar; and in the Assembly: Assemblymember Niou.
The budget is a moral document. Do we prioritize education, healthcare, the social safety net that our state needs, especially during times of crisis, or do we continue to give the ultra-wealthy tax breaks?
If you are interested in getting more involved in the passage of these bills - visit the official Invest in Our New York website here - https://investinourny.org/