Home | About | Donate

New York's Millionaires to Governor Cuomo: 'Raise our Taxes, Please'


#1

New York's Millionaires to Governor Cuomo: 'Raise our Taxes, Please'

Nika Knight, staff writer

Over forty of the richest residents of New York recently penned an open letter to Democratic Governor Andrew Cuomo and the New York state legislature asking to pay more in taxes.

"In the last thirty-five years, there’s been an enormous widening in pre-tax income," stated an economist at an asset management firm who signed the letter. "The fact that public policy has contributed to widening the gap is shameful."


#3

This post was flagged by the community and is temporarily hidden.


#4

Sadly this points out that SOME of the RICH have more compassion for the rest of us then OUR? political friends? in and out of office!! peace go BERNIE!!


#5

As much as I like the filthy rich asking for higher taxes let's tax what is being done with their money including that of universities and union pension funds. The SEC is more than financed by a 0.00042% tax on security transfers which pays $1.7 billion (they only need a quarter of that). Bernie wants 0.5% which would pay off the national debt in 3 years.


#6

Its about time to restore taxes on the richest New Yorkers!
Prior to 1972 there were 14 income tax brackets in NY, then under Gov Nelson Rockefeller, the bottom 2 were eliminated and the top 9, gifting the richest New Yorkers over $8 billion a year and growing ever since! A single person making $20k or couple making $40k paid the SAME RATE as a person making $20 or $40 million or over - 6.85%! A crime that has never been repaired only paid lip service by corrupt NY politicians - Andy!

Local property taxes increased to unsustainable levels threatening the most vulnerable, as well as other state and local taxes and "fees" to replace the give-away to the richest and the least able to afford the increases were forced to pay for the tax cuts for the richest. Instead of property tax reform we were sold a bag-o-shite by Albany & Cuomo called "tax relief"!

What we are asking is a restoration of fair taxation of the wealthy, and corporations! Talk of "tax increases" should read "return to tax fairness"! There are now on TV ads touting New York's "corporate-friendly" taxation and advantages - 10 years with no property and other taxes - how about some tax fairness for NY homeowners Andy?!!

http://fiscalpolicy.org/the-path-not-taken-how-new-york-state-increased-the-tax-burden-on-the-middle-class-and-cut-taxes-for-its-highest-income-taxpayers-by-over-8-billion-a-year


#7

Right -- of course -- !!

It's what FDR understood -- that in order to save capitalism it had to be regulated.

These people understand the consequences of unregulated capitalism -- which is merely organized crime.

Also that . . . "Capitalism isn't really about competition -- it's about killing the competition."

For many Capitalists, it's a matter of saving themselves.


#10

When you are a member of the very wealthy minority and the spirit of the times (in the form of a populist revolt or reform movement by those in the majority to, say, tax the rich more) is showing you the writing on the wall, it is "smart" and “strategic" to coopt the language of revolt (as by “voluntarily” requesting to "Raise our Taxes, Please") in order to appease and blunt the threatening impact of a greater and more adverse demand by the electorate and their electeds.

It is the familiar tactic of offering something to try to pre-empt, forestall or block an even larger hit, particularly when, as now, it's clear you're a member of a wealthy class that would be outnumbered electorally, if push comes to shove.

We’ve seen this before recently. This latest strategic tax gambit by the wealthy is reminiscent of Warren Buffet's "initiative" some years ago to strategically blunt the growing demands to eliminate entirely (by letting lapse) the Bush tax cuts for the wealthy, when, you may recall, he proposed a modest tax-rate increase on the wealthy that would only be marginally greater than what it would be for his secretary. Remember that one? Even Mr. Obama fell for that.

Again, it was a clever tactic to make it appear that the super-wealthy beneficiaries of the exorbitant Bush tax-cut giveaways were “on the side of reform,” and were not really “the enemy,” in order to maintain control of the political agenda with the very same electeds funded by the super-wealthy and the corporatocracy, and to thereby defend and maintain their inordinately tax-favored status.

Always note how these “voluntary” “tax-me-more” initiatives are always accompanied by very specific proposed rate targets that actually limit the impact of an anticipated, but otherwise open-ended, likely increase in taxes.

Yes, it’s all very “smart” and “strategic” having very little, if anything, to do with tax fairness, or really redistributing wealth to benefit the public common good.

Please, folks, let’s not get snookered and duped AGAIN by this clever defensive move to keep things more or less as they have been. It’s WE who lose with this ruse.


#11

Are you freakin kidding?

Someone else? What an ill-informed ignorant comment! People are not asking that taxes on the wealthiest be increased, they are demanding that taxes on the 1% be restored to fair levels! The top 1% of earners are being rightly to pay their fair share! Taxes on the richest Americans (and corporations) have been lowered over decades to obscenely low rates and enforcement - one consequence or many is that the middle-class and poorest have had to shoulder a much higher percentage of tax burden all those decades, and that had a very negative effect on the economy!

"The top tax rate that makes all citizens, including the highest 1 percent of earners, the best off is “somewhere between 85 and 90 percent Currently, the top rate of 39.6 percent is paid on income above $406,750 for individuals and $457,600 for couples. Fewer than 1 percent of Americans, or about 1.3 million people, reach that top bracket"

http://www.americansfortaxfairness.org/tax-fairness-briefing-booklet/fact-sheet-taxing-wealthy-americans/

https://ourfuture.org/fact_sheet/ten-years-bush-tax-cuts-benefiting-rich