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Twenty state senators, including five representing the Bronx, are urging Gov. Cuomo to keep an income tax surcharge for wealthy New Yorkers. In a press release, they wrote …
Given the fact that the federal government extended the Bush-era high-income tax cuts, it’s fair to question whether we should be giving the wealthiest New Yorkers a state tax cut too. During these difficult financial times sacrifices must be shared by all. Should wealthy New Yorkers really receive two tax cuts?
The senators representing the Bronx who signed the letter are Gustavo Rivera, Jose M. Serrano, Ruth Hassell-Thompson, Adriano Espaillat and Ruben Diaz, Sr. For the full release, click here. They say keeping the tax would generate a more than $1 billion the next fiscal year, and more than $4 billion the year after.
The Partnership for New York City, a business group, believes the tax hurts the non-wealthy. In this Post article, Kathryn Wylde, head of the groups, says it’s “two-income families struggling to maintain a middle class existence in a high-cost region,” that will be negatively affected. The Partnership put out a report on the subject that can be found in the “Reports” section of of their website.
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Ed. note: A reader rightly points out in the comments section that Adriano Espaillat represents part of the Bronx. So, we’ve changed the post from the original to reflect that.