NYC Council Progressive Caucus Introduces Resolution Supporting Extension of Millionaires Tax
Posted on Jun 28, 2011 4:31pm
Legislation in Albany as essential to long-term budget balance and fairness
New York, NY (June 28, 2011)– The New York City Council’s Progressive Caucus today introduced a resolution supporting an extension of New York State’s current “millionaire’s tax,” an income tax surcharge on high-income households, for households earning more than $1 million per year. The resolution was introduced by Council Member Jumaane Williams on the same day that the City Council adopted the New York City Budget for Fiscal Year 2012.
Progressive Caucus members praised Speaker Christine Quinn and Finance Chairman Domenic Recchia for their leadership in restoring essential services which had been slated for elimination in Mayor Bloomberg’s Executive Budget proposal — including threatened teacher layoffs, fire company closures, day care slots, parks, and library services, as well as many vital programs for immigrants, survivors of domestic violence, at-risk youth, and other communities who rely on city services.
At the same time, an extension of the millionaire’s tax is essential to New York’s longer-term efforts to balance the City and State budgets, maintain essential services, and achieve some measure of tax fairness. Both the City and State budgets continue to be in deficit. But the answer cannot be to cut services which are essential to New York’s communities and families. Class sizes are already rising, thousands of day care slots and summer youth jobs have been eliminated, library hours reduced, and many services cut to the bone.
At the same time, income inequality in New York has risen dramatically. The top 1% of households in New York City has seen their share of the city’s total income rise from 24% in 1990 to 44% in 2007. Yet those same households pay only 34% of New York City’s total taxes. Quite simply, they are not paying their fair share.