New York Must Tax the Ultra-Wealthy

Last week, New York Senate Majority Leader Andrea Stewart-Cousins and Assembly Speaker Carl Heastie expressed their support of taxing the ultra wealthy to help New York get through the crisis we face.

When the the New York State Legislature goes back to session, hopefully ASAP, the following six bills are a good start.

Millionaires Tax raises $2.5–4.5B a year — money could go to public education focusing on getting school started in the right way for students. Learn more and see if your state senator and assembly member are cosponsors

Billionaires Tax raises $5.5B a year — $3B to go to New York essential workers who didn’t get aid while billionaires in New York increased there wealth during the pandemic.

Pied à Terre Tax raises $650M a year. A tax on secondary homes like Jeff Bezos, who lives in Washington state, has in New York City — an $82M apt as his secondary residence!

Stock Transfer Tax raises $13B a year. We pay sales tax and that should hold true for Wall Street.

Stock Buyback Tax raises $3.2B a year. Many companies use their profits to buyback their stock which makes the stock price rise and stockholders profit.

Mezzanine Debt Preferred Equity Tax raises $500M a year. Sounds complicated but it will tax schemes developers and others use to get and stay wealthy.

Lastly, the New York Budget Eqitity Act would give an equal voice to our New York Legislature. Current process impedes our state legislators from working for us — making this a democracy problem. This must be voted on and pass by August 4!

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