Advocates are pushing lawmakers to raise taxes on the wealthy in next year’s legislative session, which begins in January. But Gov. Kathy Hochul says she is not eager to raise taxes at all.
It’s called the “Invest in Our New York” campaign, and advocates along with more progressive lawmakers, are pushing for a big tax increase on the wealthy.
They argue that more revenue would help bolster programs that desperately in need more funding.
What You Need To Know
- A new campaign by advocates is aimed at raising taxes in the wealthiest New Yorkers
- Taxes were raised on high income earners in 2021
- Gov. Kathy Hochul is not keen on the idea
“By fully funding education to make sure we have good public schools,” Charles Khan of the Invest in Our New York campaign said. “To make sure that we have free, high quality, higher education. To build and fund affordable housing. To make sure we have affordable health care. And to do all of that by making sure that the wealthiest people in New York, who are making more money than they have ever made before, pay what they owe and pay a little but more in taxes.”
Last year, Democrats in the legislature raised taxes on top income earners.
As a result, New York City residents in the highest income bracket now pay the highest taxes in the nation.
However, advocates say they need more.
“So this year, we’ve put forth a set of bills that would raise $40 billion from the wealthiest New Yorkers,” Khan said.
Critics argue that too much taxation will drive the wealthy from New York state, which relies heavily on the rich to fund the state budget.
Hochul is also resistant to the idea of new taxes.
“I don’t believe that raising taxes, at a time when we just cut taxes, makes sense,” Hochul said. “We just had a one or two billion cut for the property tax, cutting people’s property taxes, putting property tax relief in the form of rebates back in their pockets, but also the middle class tax cut. We just did that a year ago. We are not going to turn around and say last year we lowered your taxes, now we are raising them. So, I don’t foresee that.”
If lawmakers want to raise taxes, that debate would likely start early next year, and then be included as part of the state budget due at the end of April.