Tax Hike in the Spirit of Shared Sacrifice

Tax Hike in the Spirit of Shared Sacrifice

New York City is the home of some of the world’s wealthiest people.In fact, it could rank as the 15th largest economy in the world, if it were an independent nation. However, poverty is also an ongoing problem in New York, as it is in any other state or nation. New York is a classic representation of a society that is divided by the rich and the poor. Nevertheless, New York can be considered a model society where the rich and the poor work together to eradicate poverty. 

New York state millionaires hope to help create new jobs and reduce severe income inequality in the state. They express withurgency that now is the right time to invest in human and physicalinfrastructures that would pave the way for New York state citizens to rise above poverty. These investments will focus on childhood to higher education and physical infrastructures that need attention such as bridges, tunnels, waterlines, public buildings, and roads. 

In a letter addressed to Democratic Governor Andrew Cuomo and New York state lawmakers, the millionaires asked for their taxes to be increased to fund the investments that would eventually put an end to poverty. 

Being on top of the income earners, the signatories and backers of the letter feel that they have a bigger responsibility to contribute to the public sector at a higher marginal tax rate than everyone else’s. They are deeply concerned by the state’s ailing infrastructure and by fellow New Yorkers who are struggling economically. Among theprominent names that belong to the signatories are Steven Rockefeller and Abigail Disney. 

Further stated in the letter, the millionaires call for a balanced and permanent solution to include upper-income New Yorkers who make $665,000 to $100M. This proposal was made to replace a temporary millionaires’ tax which will expire in 2017. However, New York state senate president John Flanagan, who is a Republican, is in opposition of the proposal. He said he is not in favor of digging deeper into the pockets of hard-working New Yorkers whether in the form of increasing income taxes, property taxes, business taxes, user fees or tolls. Other millionaires expressed their support for the tax proposal, but they wish to review it more in detail.