AN OVERWHELMING MAJORITY OF NEW YORKERS FAVOR LEGISLATION TO ADDRESS THE BUDGET SHORTFALL BY RAISING TAXES ON INCOMES OVER $1,000,000.
Democrats
Republicans
Independents
NYC Voters
Suburban Voters
Upstate Voters
RAISING TAXES ON THE ULTRA-WEALTHY IS ACCEPTABLE, BUT NOT CUTTING SERVICES
Voters express clear priorities for addressing the state’s expected budget shortfall: raise taxes on those with high incomes instead of cutting essential services.
Raise taxes on incomes greater than $5 million
Raise taxes on incomes greater than $1 million
Raise taxes on incomes greater than $500,000
Reduce funding for roads, bridges, transportation
Reduce unemployment benefits
Reduce funding for K-12 public schools
Reduce healthcare funding for low-income families and seniors
Reduce funding for services for elderly/disabled
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
FDR and Herbert Lehman raised taxes on the wealthy by 2% during the Great Depression.
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.
Legislative leaders raised taxes on the wealthy by 1.1% in 2003 during the post-9/11 recession over George Pataki’s vetoes.
David Paterson raised taxes on the wealthy by 1.1% after the financial collapse in 2009 with the first Millionaires Tax.