Unions, community organizations, not-for-profits and faith-based groups from all corners of the state joined together on January 27 to urge the Governor and Legislature to include fair and just revenue raisers in the FY 2025-26 final budget to fund the important investments necessary for a thriving and affordable New York.
At a time of record corporate profits and a widening income inequality gap, the groups penned a letter to the Governor and Legislative Leaders requesting they ensure the tax structure meets the needs of working New Yorkers. They believe it is time to rally around solutions that unite the vast majority of New Yorkers, starting with one of the most obvious: Make the super-rich pay their fair share in taxes.
Together, as a new coalition called Share Our Wealth, the groups are asking the Governor and Legislative Leaders to increase New York’s top income tax rates for those earning over $5 million and over $25 million by 0.5% and increase the corporate tax rate by 1.75% (from 7.25% to 9% for the most profitable corporations) and make these changes permanent.
These are not new proposals. In fact, the NYS Senate and Assembly proposed these very reforms in their one house budgets last year. These small reforms would generate up to $3 billion for the state to invest in working-class New Yorkers’ basic needs like childcare, education, higher education, healthcare, transportation and housing, helping them create the lives and futures they dream about for their families.
“The pandemic has brought immense wealth to the top 1% of earners in New York, while working families have borne the brunt of inflation and skyrocketing costs of living. It’s time for a change,” said Assemblymember Michaelle Solages. “New York’s most successful individuals have the opportunity to reinvest in their communities – by expanding access to education, universal childcare, and addressing critical cost-of-living issues like property tax relief to keep families in our state. This isn’t just about fairness; it’s about building a stronger New York where everyone has the chance to succeed.”
Ron Deutsch of New Yorkers for Fiscal Fairness said, “I have been working to create a more fair and just tax code for over three decades in Albany. We’ve tinkered around the edges over the years with temporary rate increases, but now is the time to restore fairness to our tax system by asking those with the greatest means to pay their fair share and make those changes permanent. The Share our Wealth Campaigns proposals are extremely reasonable, won’t impact anyone with less than $5 million in income, and have incredibly broad public support.”
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