Today’s Good News: NY Gov Admits He’ll Have To Tax Rich
The battle over New York’s budget is ongoing, but in the space of a couple of months, the governor has moved from saying the “millionaire tax” is off the table to saying that it it is “probably going to be part of the solution.” The natives in New York City are definitely restless. Seniors have already beaten back an effort to close senior centers, and a recent hearing on transit service cuts and fare hikes drew an overflow crowd of raucous opponents. In a December interview with the New York Times, Paterson said that “if the deficit gets any worse, and all indications are that it probably will,”[duh], he’ll be “out of things to cut” and may have to turn to taxing the rich. Though, of course, that would be “the last place you want to go.”
The governor’s proposal already includes a few jabs at the rich, like new taxes on yachts and furs.
A late December Quinnipiac poll made it clear where voters stand. They support raising the state income tax on people who make more than $1 million per year by 84 – 13 percent. Even Republicans back a millionaires tax 72 – 27 percent. Even the head of the New York assembly, Sheldon Silver, backs it. Only 10% support cutting services in education or health care, though that’s what the government is planning to do.
In These Times has a great story on the subject featuring a number of key points that, somehow, escaped the attention of the New York Times. To wit: New York has halved the top income tax rate in the past 30 years; New Jersey has already raised taxes on the wealthy; and a reminder that Leona Helmsley said, “Taxes are for the little people.” Check it out here.
Of course, the devil will be in the details. Some are pushing for raising taxes at the $250K income level, others for some point between $250K and $1 million. The millionaire tax passed by NY’s assembly last summer only raised taxes on millionaires 1% (more for those making $5 million plus). And revenue is one thing, spending is another. However, I take this as a good sign that the pendulum of power is shifting. Now we just need to push elected officials to do the right thing - and find and elect people to replace them if they won’t.
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