Tuesday, October 26, 2021

Play

Younger children may soon be able to get the COVID vaccine, plus a legal dispute over social-studies standards in South Dakota simmers over references to Native American culture.

Play

President Biden makes his case for his spending package in New Jersey as Sen. Joe Manchin says a deal could be reached this week; plus former Facebook employee Frances Haugen testifies before Parliament in London.

Play

An all-Black Oklahoma town joins big cities in seeking reparations; a Kentucky vaccination skeptic does a 180; telehealth proves invaluable during pandemic; and spooky destinations lure tourists at Halloween.

Millionaires to NYS: Tax Us, Please

Play

Monday, March 8, 2021   

NEW YORK -- More than four dozen New York millionaires have signed a letter to state lawmakers with a proposal to help the state recover from the economic impact of the pandemic: tax the rich.

The COVID pandemic has cost millions of New Yorkers their jobs and will leave an estimated $63 billion gap in the state budget over the next four years.

In their letter, the millionaires say the state should enact the taxes that are part of the proposed Invest in Our New York Act.

Mike Lapham, director of the Responsible Wealth project at United for a Fair Economy, said raising taxes on high incomes, billionaires, large inheritances, corporations, stock sales and capital gains could close that gap.

"The whole package could be as much as $50 billion a year," Lapham asserted. "It's not likely that they'll all get passed, but there's a lot of money there that could help the state and that wealthy people can afford to pay."

Some lawmakers claim if taxes are raised on the rich, they would move to a state with lower taxes, but Responsible Wealth said studies have shown that's not true.

Lapham pointed out since New York increased taxes on the rich in 2009, the number of millionaires who call the state home has actually risen by more than 60%.

"The reality is if you have a business, if you have a whole community, if you have been living in this state for years, you're not going to just up and move to some other state because your taxes go up by a few thousand dollars a year," Lapham contended.

In their letter to lawmakers, the millionaires said in fact they are the least likely to move because their taxes go up.

Lapham noted a one-time infusion of federal cash can't fix the state's long-term economic problems, but the wealthiest state residents have a vested interest in raising the standard of living for all New Yorkers.

"They are profoundly interested in having a healthy state to live in and having the state invest in things like public education, transportation and infrastructure," Lapham observed.

He added taxing those who can afford to pay will not only fill the budget gap, but reverse decades of growing economic inequality and make New York a state that works for everyone.


get more stories like this via email

Cardiovascular disease occurs every 39 seconds and still is the No. 1 killer of Americans, according to the American Heart Association. (Adobe stock)

Health and Wellness

ARLINGTON, Va. -- COVID-19 has exposed inequities in health care, and this year's Greater Washington Region Heart Walk aims to raise funds to close …


Health and Wellness

COLUMBUS, Ohio - Congress has an opportunity to help lower prescription-drug costs for Ohioans, who, along with other Americans pay roughly three …

Social Issues

BLOOMINGTON, IN -- Universities in Indiana are working to support Afghan students and scholars; both those still in Afghanistan and those arriving to …


Advocates for clean energy say installation of air-source or ground-source heat pumps would be best to use in the switch to electricity for heating, cooling and cooking. (Adobe Stock)

Environment

ALBANY, N.Y. - Groups in support of renewable energy are pushing for legislation and other initiatives to accelerate complete electrification of …

Environment

BOISE, Idaho - Action on behalf of Northwest salmon could be in the works after announcements from the Biden administration, leaders in Washington …

The United States currently has 2,000 operational biogas systems linked to farms, landfills, wastewater treatment facilities and food waste, according to the Environmental and Energy Study Institute. (Adobe Stock)

Environment

FAYETTEVILLE, N.C. -- After the first settlement of its kind in North Carolina capping limits on emissions from a biogas plant in Sampson County…

Social Issues

HILLSBORO, Ore. -- The Oregon Department of Agriculture recently completed an investigation into a suburban Portland school for the misuse of toxic …

Social Issues

HELENA, Mont. - Republican lawmakers in Montana want to investigate the 2020 election. Some are concerned this could weaken trust in voting. In a …

 

Phone: 303.448.9105 Toll Free: 888.891.9416 Fax: 208.247.1830 Your trusted member- and audience-supported news source since 1996 Copyright 2021