NYPAN RALLIES in ALBANY FOR THE INVEST in OUR NY ACTS
By Robert Buonaspina,
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/