As a constituent who is passionate about supporting our public schools, I am writing to ask for your support in ensuring that each and every student in our state receives a high-quality education that prepares them for college and career.
To accomplish this goal, I support the enactment of the following three revenue enhancers as part of the enacted budget: a progressive income tax for those with incomes over $5 million; a wealth tax for the ultrawealthy billionaires; and a pied-à-terre tax on luxury second homes in New York City.
A progressive tax plan on state residents making more than $5 million per year would raise several billion dollars in new revenue. From 2009, when the millionaire's tax was first enacted, to 2016, the number of millionaires in New York grew by 72 percent and their wealth increased by 54 percent. By comparison, the wealth of non-millionaires had only risen by 33 percent in that time.
A wealth tax on billionaires would create a yearly assessment on the speculative wealth of billionaires, looking at wealth in speculation, which includes unrealized capital gains. A wealth tax on billionaires is projected to generate $10 billion or more per year. The Fiscal Policy Institute estimates that 112 New Yorkers who cumulatively hold $525 billion in assets, would be subject to this wealth tax proposal.
The third revenue enhancer is the pied-à-terre tax, which would add roughly $650 million per year to state coffers. This tax, as proposed in S.44 (Hoylman)/A.4540 (Glick), would be an assessment on luxury, non-primary residences in New York City with an assessed value of over $5 million. It is estimated that a mere 2 percent of the city’s housing stock would qualify for the pied-à-terre tax.
The revenue generated from these three sources would help to provide our public schools, colleges and health care institutions with the resources required to properly educate their students and treat those seeking care.
I thank you for your consideration of these important issues and urge you to raise them with your conference and with your leadership. I would appreciate a reply to my correspondence.
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