NY Progressive Leaders Lay Out Plan To Fight Back Against #GOPTaxScam, Raise $16B

Posted On February 6, 2018

FAIR-SHARE TAX PROPOSALS FOR NEW YORK 2018-19

We’re backing a progressive revenue package for New York that will

  • Close loopholes Congress wouldn’t close
  • Respond to new loopholes Trump and Congress opened up
  • Provide a money-back guarantee for taxpayers on job creation and pay increases by huge multinational corporations
  • Fight the opioid epidemic with a new windfall profits tax
  • Revive the stock transfer tax after Trump gave Wall Street huge tax breaks
  • Ask New York City billionaire real estate developers and condo-buyers to pay their fair share for transit and infrastructure statewide

OVER $16 BILLION IN POTENTIAL NEW REVENUE

  • CLOSE THE CARRIED INTEREST LOOPHOLE AT THE STATE LEVEL $3.5 billion per year
  • CLOSE THE NEW PASS-THROUGH LOOPHOLE AT THE STATE LEVEL Over a billion per year
  • FEDERAL TAX CUT CLAWBACK FOR CORPORATIONS THAT DON’T RAISE PAY OR CREATE JOBS:  Over a billion per year or more job creation
  • OPIOID PAINKILLER PRESCRIPTIONS & WINDFALL PROFITS TAX:  Over a billion dollars
  • STOCK TRANSFER TAX:  $5.5 billion per year
  • MULTI-MILLIONAIRES TAX:  $2.3 billion per year
  • NEW YORK CITY LUXURY LAND TAX TO FUND TRANSIT, JOBS & CLIMATE ADAPTATION:  Several billion dollars per year

CLOSE THE CARRIED INTEREST LOOPHOLE AT THE STATE LEVEL

  • Billionaire hedge fund and private equity managers on Wall Street use a special loophole to pay lower tax rates than teachers and truck drivers.
  • Congress didn’t close the loophole, even in the face of bipartisan criticism from Bernie Sanders to Donald Trump.
  • A state surtax on carried interest profits equal to the amount lost to the federal loophole would raise $3.5 billion per year.

CLOSE THE NEW PASS-THROUGH LOOPHOLE AT THE STATE LEVEL

  • Billionaire real estate investors got a special loophole in the GOP Tax Scam
  • Hedge funds and private equity funds are using the loophole too — they’ll all pay lower tax rates than teachers and truck drivers
  • A state surtax on high-dollar pass-through LLCs won’t hit local small businesses — and it will raise over a billion per year

CLAW BACK THE FEDERAL TAX CUT FOR HUGE CORPORATIONS THAT DON’T RAISE PAY OR CREATE JOBS

  • Trump and the GOP Congress said their tax scam would lead to higher pay and job creation — but they didn’t put any hard demands on big companies:  they just gave them cash
  • Now multinational corporations are executing hundreds of billions of dollars in stock buybacks, just giving the cash to rich investors — not workers
  • New York should impose a “clawback” tax on publicly-traded companies that got tax breaks but don’t create jobs or raise pay
  • We won’t touch small businesses or start-ups and we’ll either raise over a billion per year or force companies to do the right thing.

ASSESS A FEE ON OPIOID PAINKILLER PRESCRIPTIONS & 

A WINDFALL PROFITS TAX ON OPIOID WEALTH

  • New York is facing a deadly public health crisis of addition and overdose, driven by prescription painkillers and other narcotics
  • Pharmaceutical companies and pharmacy benefits managers have abused the prescribing system to explode sales and distribution of dangerous painkillers beyond their proper use
  • A state surtax on prescription painkillers and an assessment on family fortunes built on opioids will raise billions for treatment, public health and overdose prevention.

BRING BACK THE STOCK TRANSFER TAX 

  • Big banks and Wall Street traders get the biggest benefits from the GOP Tax Scam
  • New York still collects a multi-billion dollar Stock Transfer Tax that is rebated back to the banks
  • We can leave small investors alone and impose a tiny transfer tax on high-frequency and high-dollar trades that will raise $5.5 billion per year.

MULTI-MILLIONAIRES TAX:  TAX MILLIONAIRES MORE

  • New York’s tax brackets are currently based on income distributions from the 1970s and 80s.
  • We need to adjust those brackets upward, to reflect explosive income gains by billionaires and millionaires – and big new gains from the GOP Tax Scam.
  • New progressive brackets at $5M, $10M and $100M/year would raise $2.3 billion per year.

IMPOSE A NEW YORK CITY LAND TAX TO FUND TRANSIT, JOBS & CLIMATE ADAPTATION

  • New York City real estate has soared in value, while the transportation, infrastructure, housing and energy systems that make it so valuable have suffered
  • The subways were built with a land tax on speculative real estate – now that they need to be rebuilt, it’s time for billionaire real estate moguls and huge Real Estate Investment Trusts to contribute to the rebuilding
  • We can create thousands of jobs all over New York and the with funding from a reasonable land tax on just the most valuable Manhattan office buildings and speculative luxury housing that could raise several billion dollars per year.

Back to News