Raise Revenue.
Rebuild New York State.

MIDDLE-CLASS AND LOW-INCOME NEW YORKERS PAY HIGHER TAX RATES THAN BILLIONAIRES & MULTI-MILLIONAIRES.

  • Top 1% pays less than low-income and middle-class

  • New York is 44th in the nation in tax fairness

  • Billionaire wealth up 1,130% from 1990–2020

  • Billionaire taxes down 79% from 1980–2018

Total State and Local Taxes in New York as a Share of Family Income


FAIR TAXES ADDRESS EXTREME INCOME INEQUALITY

$74,510,406

Average annual income of the top .01%

$2,202,480

Average annual income of the top 1%

$49,617

Average annual income of everyone else
(the bottom 99%)

There are common-sense proposals that can raise revenues from our state's wealthiest.

Fund Our Future New York

BILLIONAIRES' TAX
+ $5.5 BILLION

  • Outlaws unjust tax shelters

  • Only applies to the 118 New York billionaires now holding $566 billion in wealth

S.8277/A.10414 

Sponsored By

Senator
Jessica Ramos

Assemblywoman
Carmen N. De La Rosa

ULTRAMILLIONAIRES' TAX
$2.5 to $4.5 billion

  • Tax increases on those earning above $5 million, $10 million and $100 million per year


S.7378/A.10363  | S.8164/A.10364  | S.8329/A.10450 

Sponsored By

Senator
Robert Jackson

Assemblymember
Linda Rosenthal

Senator
Rachel May

Assemblymember
Aravella Simotas

Senator
Shelley Mayer

Assemblymember Deborah Glick

PIED-À-TERRE TAX
+ $650 MILLION

  • Sliding-scale tax on non-primary residences worth over $5 million


S.44/A.4550 

Sponsored By

Senator
Brad Hoylman

Assemblymember Deborah Glick

STOCK TRANSFER TAX
+ $13 BILLION

  • Repeals rebate of .25% state sales tax on stock trades

  • Physical location of trades not relevant post-Wayfair


S.6203/A.7791 

Sponsored By

Senator
James Sanders, Jr.

Assemblymember
Phil Steck

STOCK BUYBACK TAX
+ $3.2 BILLION

  • New .5% sales tax on stock buybacks


S.7629/A.4540 

Sponsored By

Senator
Jen Metzger

Assemblymember
Yuh-Line Niou

MEZZANINE DEBT/PREFERRED EQUITY TAX

+ $500 MILLION

  • Fee on mezzanine debt and preferred equity financing equal to mortgage recording tax

S.7231/A.9041 

Sponsored By

Senator
Julia Salazar

Assemblymember
Harvey Epstein

SO, WHAT'S WORTH MORE TO US?

Lawmakers can enact them now to save New York.

INCOME TAX RATES WOULD STILL BE LESS THAN CALIFORNIA & NEW JERSEY & LOWER THAN NEW YORK IN 1975

TOP NEW YORK STATE TAX RATE, 1975-2020

SHARED SACRIFICE IS NORMAL IN A TIME OF CRISIS

1931, 1933

FDR and Herbert Lehman raised taxes on the wealthy by 2% during the Great Depression.

1958, 1961

Nelson Rockefeller raised taxes on the wealthy by 3% during the “Eisenhower Recession” of 1958-59, and by 4.9% during the recession of 1961.

2003

Legislative leaders raised taxes on the wealthy by 1.1% in 2003 during the post-9/11 recession over George Pataki’s vetoes.

2009

David Paterson raised taxes on the wealthy by 1.1% after the financial collapse in 2009 with the first Millionaires Tax.

Does your lawmaker support asking our state's ultrawealthy to pay their fair share?

Call your lawmakers: Tell them that our state's ultrawealthy citizens can afford to pay their fair share.