A group of New York lawmakers have pledged not to allow state budget cuts without raising taxes on the ultra-wealthy amid the COVID-19 pandemic.
The June 18 statement was signed by 100 Senate and Assembly members, statewide unions, the Fiscal Policy Institute, and the Strong Economy for All Coalition. It calls for a balanced state tax policy and a post-pandemic economic recovery plan.
The statement proposes increased taxes on the ultra-rich that would not affect most New Yorkers and would help the state recover from the pandemic through “shared sacrifice.”
“Working and poor New Yorkers rely heavily on public services to help them survive day to day. They are overtaxed and under-served because our tax system does not demand enough from ultra-wealthy New Yorkers,” according to the statement.
The statement also calls for federal aid that would help with the costs and losses resulting from the pandemic, but cautions that New York should be prepared in case the federal government does not provide the needed aid. A tax increase on the ultra-wealthy would help “to minimize devastating budget cuts that will increase suffering,” according to the statement.
Several legislative proposals have been introduced since the start of the pandemic that would increase taxes on New York’s top earners.
“Even before COVID-19, New Yorkers urgently needed major increased public investment in healthcare, public education from pre-K through higher education, housing, mass transportation, and many other fundamental services. That means new revenue raised by taxes on high wealth,” according to the statement.