NYPAN RALLIES in ALBANY FOR THE  INVEST in OUR NY ACTS

By Robert Buonaspina,

NYPAN

On Tuesday, March 23, NYPAN Chapters from various parts of New York State descended on Albany in a rally and march to support  passage of the six Invest in Our New York Acts currently under consideration by the New York State legislature.

Member chapters represented included Upstate New York, Upper Manhattan, Brooklyn and Long Island.

These six bills seek to raise billions of dollars for a variety of worthwhile state programs. This is what each one of them sets out to do:

Bill #1 -Progressive Income Tax: S2622; A4604

Currently, a person earning $21,400 pays the same tax rate as a person

earning $1,077,550. This bill would create an equitable tax system where New Yorkers whose annual income is in the top 5% of the state($300,000) pay a proportionately higher tax rate.

Key Sponsor in the Senate: Senator Jackson

Key Sponsor in the Assembly: Assemblyman Meeks

This bill is expected to raise $15 billion.

Bill #2 - Capital Gains Tax: (S04482, A05092)

Currently, income gained from stocks is taxed at a much lower rate

than income earned as wages. Yet, according to the Congressional

Budget Office (www.investinourny.org), most wealthy people receive

          a substantial amount of their income from capital gains. This bill

would tax investment income at a substantial higher rate than it is

          taxed now. This tax would be equal to, and thus offset, the tax break

          on investment income granted by the federal government.

Key Sponsor in the Senate: Senator Rivera

Key Sponsor in the Assembly:  Assemblyman Kim

This bill is predicted to raise $7 billion.

Bill # 3 - Heirs’ Tax: (S3462, AO643)

Currently, inherited wealth of a high as $5 million is not taxed. This bill provides for a progressive tax on inherited wealth in excess of

$250,000. (It does not call for a tax on houses up to $2 million,

retirement and pension, and family farms.)

Key Sponsors in the Senates: Senators Brisport and Sanders

Key Sponsor in the Assembly: Assemblymember Solages

This bill is expected to raise $8 billion.

Bill # 4 - Billionaires’ Tax: (S0442, A05092)

Currently, people with extreme wealth have all kinds of tax breaks,

as mentioned above. This bill would create a constitutional amendment

that would change the tax structure for income earned from sources

          other than wages.

Key Sponsors in the Senate: Senator Ramos and Senator Jackson

Key Sponsor in the Assembly: Assemblymember De La Rosa

This bill is expected to raise $23 billion in the first year; $1.3 billion per year thereafter.

Bill #5: Wall Street Tax: (S3980, A5215)

Currently, New York does not levy a tax on financial transactions, such as

  trading stocks, bonds, and derivatives.  However, other world financial

           centers (London and Hong Kong) do collect a small tax on such trades.

(Note that New York did tax transactions until 1981)

Key Sponsor in the Senate: Senator Hoylman

Key Sponsor in the Assembly: Assemblymember Kelles

This bill is predicted to raise raise: $9 billion

Bill # 6- Corporate Tax: (S2833, A04595)

Currently, the Trump tax cuts have created windfall profits for the

          wealthiest Americans at a time when ordinary folks are suffering

          from the economic ravages of the pandemic. This bill would

restore the tax rates that were in place before the Trump tax cuts.

Key Sponsor in the Senate: Senator Salazar

Key Sponsor in the Assembly: Assemblymember Niou

This bill is expected to raise $9 billion.

If you’d like to play a part in the passage of these bills, visit the official

Invest in Our New York website here - https://investinourny.org/