Local Lawmakers In New York Launch Push For Millionaires’ Tax
Led by Local Progress, campaign aims to highlight need for more local revenue
NEW YORK – A coalition of lawmakers from cities, towns, and counties across New York is putting their weight behind the push to renew the millionaires’ tax in New York. The coalition, comprising nearly 100 local elected officials, is launching a campaign to support renewal of the measure, which was included in Gov. Cuomo’s Executive Budget and expected to earn the support of Assembly Members.
Lawmakers are calling for the funds to support growing financial needs for infrastructure, affordable housing, and education in their communities. It is led by Local Progress New York, a group connecting local legislators to push for sustainable, progressive policies in their communities.
“Cities and towns across New York are struggling to fill the gaps in their budget. As local lawmakers, we have a responsibility to advocate for revenue to fund the services our constituents rely on and deserve,” said Albany City Councilmember Dorcey Applyrs. “Ensuring everybody in New York pays their fair share should not be taboo. It's fundamentally the right thing to do.”
The lawmakers kicked off the campaign over the weekend at the group’s annual conference in Albany. It is part of a greater push for progressive sources of revenue in New York, including a “Mansion Tax” on luxury condo and home sales in New York City and an end to the carried interest tax loophole. Together, these measures could provide billions in new revenue:
- Millionaires’ Tax: New progressive brackets would raise $2.2 billion per year.
- Mansion Tax: A 2.5% tax on any real estate purchases within New York City would generate $336 million.
- Carried Interest: A state surtax on carried interest profits equal to the amount lost to the federal loophole would raise $3.2 billion per year.
The $5.7 billion could go to fund essential public services that help local economies prosper and grow. In coming weeks, lawmakers across the state will be lobbying State Senators and embarking on a statewide media push to draw attention to the need for more revenue in their localities.
“Local lawmakers can be the engine for progressive change at the state level,” added New York City Councilmember Ritchie Torres. “For too long, we have underfunded public schools and underinvested in necessary infrastructure – while millionaires and billionaires have gotten away with paying less in taxes than many hardworking New Yorkers. It’s time to bring balance back to our state’s system of taxation, and I am proud to join the fight to renew the Millionaires’ Tax and keep our communities strong.”
Local Progress is a network of progressive local elected officials from around the country united by our shared commitment to equal justice under law, shared prosperity, sustainable and livable cities, and good government that serves the public interest. Local Progress is staffed by the Center for Popular Democracy.
The Center for Popular Democracy promotes equity, opportunity, and a dynamic democracy in partnership with innovative base-building organizations, organizing networks and alliances, and progressive unions across the country. CPD builds the strength and capacity of democratic organizations to envision and advance a pro-worker, pro-immigrant, racial justice agenda.