Millionaires Tax

To build a Strong Economy for All, we need to make sure state government has the right resources and the right priorities. 

This year, that means keeping the Millionaires Tax in the state budget.

• A majority of New Yorkers from every part of the state want to keep the Millionaires Tax in this year’s state budget.

• They know it’s an essential part of any budget solution – and it’s not a new tax. 

• It’s a fair way to share sacrifice, restore the worst of the budget cuts, and stabilize state finances.

Basic facts about New Yorkers’ ability to pay

• Over the last two decades, Wall Street salaries went up 111% while paychecks for regular people actually went down 13%.

• Over the last three decades, New York cut income taxes for the wealthiest families in half.

• Wall Street compensation is up another 6% this year, with over $20 billion of that in cash bonuses, according to State Comptroller DiNapoli.

• Right now the richest New York families pay less of their income in taxes than the people who fix their cars and take care of their kids.

• If you make $33-56,000 per year you’re paying about 11.6% of your income in taxes, but if you make a million dollars a year or more you’re only paying about 8.4%.

Millionaires Tax: $4.6 billion a year that New York needs

In this year’s budget, the Millionaires Tax would provide a little over a billion dollars in gap closing or cut restoration – next year it would be $4.6 billion or more.

What could $4.6 billion pay for in the state budget?

For existing programs, $4.6 billion would cover:

• Two years of strong funding for bridges, roads & transportation, putting thousands to work on construction and maintenance

• One whole year of mass transportation aid to trains, buses and subways all over the state

• Two full years of funding for services to vulnerable and low-income children, including foster care, child protective services, adoption subsidies and child care and early learning programs

• 20% of our funding to schools, 25% of our funding for health care and 50% of our funding for SUNY, CUNY and community colleges across the state

• The remaining uncovered portion of the four-year budget gap left open by Governor Cuomo.

Or, $4.6 billion could pay for new programs:

• Direct property tax relief for over two million of our state’s hardest-pressed property taxpayers AND

• Full college tuition for 50,000 deserving high school students AND

• 300 new fire trucks across the state AND

• A three-month extension of unemployment for the jobless AND

• Over two million meals for homebound elderly every year for ten years AND

• 150 new after-school programs funded for ten years AND

• Full funding of the billion-dollar Upstate Revitalization Fund to create jobs and support small businesses across Upstate.

If we want a Strong Economy for All, that’s better than yet another tax cut for the rich.

Stop the Tax Break for Millionaires English

Stop the Tax Break for Millionaires Spanish

Myth of the Moving Millionaires English

Myth of the Moving Millionaires Spanish

CWF Millionaires Tax one-pager

CWF Millionaires Tax Impact on Senate Districts

CWF Millionaires Tax Impact on Assembly Districts

CWF Millionaires Tax Powerpoint

NYFF Flier w Bloomberg Quote Re Millionaires