New York Millionaires Urge Their Governor To Make Them Pay More Taxes

“As New Yorkers who have contributed to and benefited from the economic vibrancy of our state, we have both the ability and the responsibility to pay our fair share.”

A Brief Commentary by Doug Draper

Posted March 21st, 2016 on Niagara At Large

The late New York hotel tycoon and millionaire Leona Hemsley once infamously said; “Only the little people (meaning most of the rest of us) pay taxes.”

Well much to surprise, apparently not all the millionaires in the great Empire State across the Canada/U.S. border feel it should stay that way.taxes millionnaires

One can only imagine the mixture of shock and delight on New York Governor Andrew Cuomo’s face earlier this March when he received the following letter from more than 40 millionaires in his state, among them members of the diamond-studded Rockefeller and Disney families.

It is a letter that I’m sure would be received by millionaires and billionaires in most other regions of the United States, and by their counterparts across the border here in Ontario and the rest of Canada as a betrayal of one of golden rules of the 1 per cent club – that individuals in those upper stratapheres of wealth never give a cent in paying more taxes, to the extent they pay taxes at all.

So here, for the wonderment of rest of us down here in steerage (and no, we are still more than a week away from April Fools Day), is the text of that letter –

Wealthy New Yorkers Support Progressive Taxation

Dear Governor Cuomo and Legislative Leaders,

We are upperincome New Yorkers who treasure the quality of life in our state. However, we are deeply concerned that too many New Yorkers are struggling economically, and the state’s ailing infrastructure is in desperate need of attention. We cannot afford to ignore these challenges.

As business leaders and investors, we know that the long-term stability and growth of a company requires investments in both its human capital and physical infrastructure. The same is true for our state.

It is a shameful fact that child poverty in New York State is at a record level, exceeding 50 percent in some of our urban centers. New York State has a record number of homeless families — more than 80,000 people — struggling to survive across the state. And far too many adults in our state do not have the work skills needed for the 21st century economy.

Now is the time to invest in the long-term economic viability of New York. We need to invest in pathways out of poverty and up the economic ladder for all of our fellow citizens, including strong public education from pre-K to college. And, we need to invest in the fragile bridges, tunnels, waterlines, public buildings, and roads that we all depend on. These human and physical infrastructure investments will pay off in the creation of new jobs, a workforce prepared to fill them, and a reduction in the extreme income inequality that currently exists in our state.

The question is: how do we pay for those investments? In the spirit of shared sacrifice, we, the undersigned, call for a balanced solution that includes maintaining, expanding, and making permanent the top marginal income tax rates for upper-income New Yorkers like us who can afford to pay more. Specifically, we urge the Governor and the Legislature to implement the “1% Plan for New York Tax Fairness”, which calls for new marginal rates of 7.65%, 8.82%, 9.35%, 9.65% and 9.99% for brackets starting at $665,000 (the top 1% of earners in our state), $1 million, $2 million, $10 million and $100 million, respectively.

We also urge our elected leaders to make permanent the lower tax rates for working families, ranging from 4% to 6.85%, before they expire next year. If the temporary tax rates at all levels are allowed to expire, it will mean a $1 billion dollar tax increase for middle class families and a $3.7 billion dollar windfall tax cut for millionaires like us.

As New Yorkers who have contributed to and benefited from the economic vibrancy of our state, we have both the ability and the responsibility to pay our fair share. We can well afford to pay our current taxes, and we can afford to pay even more. Our state needs to invest this revenue in our struggling schools, in anti-poverty measures and in infrastructure improvements. Our state’s longterm economic prosperity depends on strong investments in our people and our communities.

Everyone does better when everyone does better. We urge Governor Cuomo and the New York State Legislature to expand the current “Millionaires Tax” and ensure that upper-income New Yorkers like us keep doing their part to invest in our state.

Signed,

Sonia Alexander, NYC * Elyse Arnow-Brill, Joshua Arnow, Pound Ridge * Roy Berberich, Mineola * Polly Cleveland and Thomas Haines, NYC * Arthur Cornfield, NYC * Louis B. Cullman and Louise Hirshfeld Cullman, NYC * Pierce Delahunt, NYC * Anne Delaney, NYC * Abigail Disney, NYC * Barbara Fleischman, NYC * Sarah Frank, NYC * Rosemary Faulkner, NYC * Elspeth Gilmore, NYC * Steven and Mary Goldring, NYC * Agnes Gund, NYC * Catherine Gund, NYC * Leo Hindery Jr., NYC * Polly Howell & Eric Werthman, Glenford * Marion Hunt, NYC * Craig Kaplan & Anne Hess, NYC * Dal LaMagna, NYC * Ruth and David A. Levine, NYC * Michael A. and Ann Ross Loeb, NYC * Joshua Mailman, NYC * James and Jacqueline Mann, Mt Kisco, NYC * Mark Nelkin, NYC * Jan Nicholson, NYC * Susan Ochshorn and Marc I. Gross, NYC * Richard Perl, NYC * Seth Perlman, NYC * Karen Pittelman, NYC * Mark Reed, NYC * Steven C. Rockefeller, NYC * Darius A. Ross, NYC * Martin Rothenburg, Syracuse * Lindsay Shea, Germantown * Daniel A. Simon, NYC * Lynn Stern, NYC * Jessie Spector, NYC * Sarah Stranahan, NYC * Peter Strugatz, East Hampton

Are there any millionaires or billionaires in Ontario and the rest of Canada willing to take a cue from these wealthy folks in New York State?

We could use a good shock, but somehow I don’t think so.

NOW IT IS YOUR TURN. Niagara At Large encourages you to share your views on this post. A reminder that we only post comments by individuals who share their first and last name with them.

Visit Niagara At Large at www.niagaraatlarge.com for more news and commentary for and from the greater bi-national Niagara region.

 

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One response to “New York Millionaires Urge Their Governor To Make Them Pay More Taxes

  1. pat scholfield

    WOW……way to go New York millionaires! Let’s hope you set an example for Ontario.

    Like

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