here is a news story from the Fiscal Policy Institute that received wide media coverage around the country this week
Some of the wealthiest New Yorkers have sent an open letter to Governor Andrew Cuomo and the New York State Legislature urging passage of the “1% Plan for New York Tax Fairness” to replace the temporary ‘millionaires tax’ set to expire at the end of next year. The Fiscal Policy Institute’s 1% Plan calls for new tax rates ranging from 7.65% to 9.99% applied to new tax brackets starting at $665,000, the income threshold for the top 1% of New Yorkers. The plan also calls for continuation of the lower rates now in place for lower and middle-income New Yorkers. The full text of the letter is included below.
The signers, including Steven C. Rockefeller, Leo Hindery, Jr., Abigail Disney, Agnes Gund, Dal Lamagna, Martin Rothenberg and Lewis B. Cullman, also support the similar “Millionaires Tax” advanced by the New York State Assembly in their one house budget resolution released last week.
The letter was organized jointly by the Fiscal Policy Institute and the Responsible Wealth project. The signers of the letter, many of whom are members of the Responsible Wealth project, are all New York residents in the top 1% of income in the state.
Note: I am serving as Chair of the Board of Directors of the Fiscal Policy Institute – Mike Burgess
