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June 18, 2020 By Christian Murray
New York State faces a $14 billion deficit and more than 100 state legislators—including 18 from Queens—have pledged that they will not approve spending cuts unless taxes are raised on the wealthy.
The legislators are upset that Governor Andrew Cuomo does not want to raise taxes on the wealthy and instead is looking to cut billions from nurses, public school teachers, senior services and food banks.
The 100 legislators argue that the wealthy have not suffered financially during the COVID-19 crisis, while more than 2 million state residents have already lost their jobs.
The legislators cite statistics, released by the Public Accountability Initiative, that show that the state’s 118 billionaires increased their net worth by an estimated $44.9 billion, or 8.6 percent, from March 18 to May 15.
“Ultra-millionaires and billionaires should not be the only constituency held harmless in this crisis,” according to a joint statement from the 100 legislators. “We are all in this together, and sacrifice must be shared.”
The statement goes on to say: “We will not allow state budget cuts without raising revenue from those who can most afford to pay more.”
The legislators also point to a survey conducted by Hart Research in January, where more than 90 percent of the 1,000 eligible voters surveyed support a tax on the wealthy.
The 18 Queens legislators who have signed the pledge are:
State Senators: Mike Gianaris, Jessica Ramos, Toby Ann Stavisky, John Liu and Anna Kaplan
State Assembly Members: Catalina Cruz, Nily Rozic, David Weprin, Daniel Rosenthal, Andrew Hevesi, Alicia Hyndman, Brian Barnwell, Michael DenDekker, Jeffrion Aubry, Cathy Nolan, Michael Miller, Ron Kim and Aravella Simotas
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18 Comments
but to be fair a good article would say that the stock market rebound was the reason for the increased wealth. The Nasdaq it actually at its all time high right now.
since the world millionaire is also used, be aware that elderly people with a retirement acct / 401K and a home they paid off are millionaires. Not ultra wealthy.
Hey Giannaris and AOC fans, imagine if you didnt run amazon out of LIC. Bezo$ is doin fine. You idiots threw away 25,000-40,000 jobs when we need it. That’s the problem, politicians without brains and with mics
Exodus from NYC! Hard to tell what the future holds. But most people that have the mans are leaving NYC. Quick google search and there are plenty of articles.
https://www.nytimes.com/interactive/2020/05/15/upshot/who-left-new-york-coronavirus.html
https://www.dailymail.co.uk/news/article-8345919/Young-people-joining-rich-leaving-NYC-cheaper-dense-cities-coronavirus.html
https://www.cnbc.com/2020/04/30/wealthy-new-yorkers-flee-manhattan-for-suburbs-and-beyond.html
https://www.insider.com/rich-fled-nyc-coronavirus-i-want-to-leave-too-2020-4
Sorry to hear Trump’s terrible pandemic response cost you your job. But you’re right, it’s causing people to leave.
I suggest that all elected officials in NYS and N YC take a 10 percent cut in pay until December 31, 2020. This is to help relieve the pressure on the budgets. This is in line with what many corporate execs and even the lower ranks have done. First elected official to put his/her hand up..please raise it high. Thank you.
since politicians are very wealthy, i think taking AOC’s advice and cutting their salaries by 90 percent is a better idea.
Last year, 61.5% of New York movers left the state; just 38.5% moved in. Among those who left, 41% earned $150,000 or more. Just 8.4% earned less than $50,000. From 2010 to mid-2017, New York had a net out migration of over 1 million people, more than any other state.
Bye bye- You’re totally wrong. The 10 states that lost population were New York (-76,790; -0.4%), Illinois (-51,250; -0.4%), West Virginia (-12,144; -0.7%), Louisiana (-10,896; -0.2%), Connecticut (-6,233; -0.2%), Mississippi (-4,871; -0.2%), Hawaii (-4,721; -0.3%), New Jersey (-3,835; 0.0%), Alaska (-3,594; -0.5%), and Vermont (-369 ; -0.1%).Dec 30, 2019. US Census. Gov.
All of your statistics are completely wrong ? are you really that gullible?
People are leaving in droves
Perhaps these politicians can start by giving up their salaries since they barely work
Do you know what this article is about? There’s all time high record unemployment. One salary isn’t going to change that.
Trump lovers are actually this gullible ?♂️
That’s wasn’t socialism because, um, I forgot. THIS is definitely socialist communist marxism thought.
Who will make up the lost tax revenue from wealthy people when they move out of NY? Many already have. As always, the middle class will get hit. Actually, the middle class are getting out of Dodge already.
Perhaps politicians should read the fable of the Golden Goose and learn a lesson.
Hashtagger as golden goose – Please provide proof or at least one link to an article stating the “rich” are moving out. You have credibility issues.
Golden Goose is right. Take a ride to the UES, Mac. Moving vans and renovations everywhere. NYT ran an article on USPS change of addresses.
Gardens watcher – The only article in the N.Y. Times I could locate is about forwarded mail not change of address. Change of domicile will be reflected in the coming census. Florida at one time had about”wealth tax” and nobody fled.,
The Census counted your home base as of March 1, before the virus spiked, before the NY PAUSE started, and before the protests. The second wave is coming.
It takes time to decamp, but more time and other things to consider to permanently relocate.
Why would rich move out of ny, they got dirt cheap labor from all these immigrants and illegal aliens, people work 24/7 nonstop. Rich cannot find a better workforce anywhere. In fact, poor would be moving more than the rich since they can also make minimum wage somewhere else and actually survive on it.
Someone needs to fix NY from ground up, but if noone can fix our healthcare situation and costs, I doubt anyone cares about little people.
who do you think will make up the lost tax revenue? the tax will be passed on to us. first and foremost, that revenue is tax sheltered in another state or country. you think the ultra rich dont know all the tax loopholes? they are untouchable.