Rejecting $2.1 billion in nuisance taxes
Assemblywoman Millman thinks low- and middle-income New Yorkers are under enough pressure. That’s why the Assembly rejected $2.1 billion in taxes and fees that would have nickel-and-dimed working families, including new and increased taxes on:
clothing and footwear under $110
non-diet soft drinks, haircuts, nail salon visits and other personal services items
movie tickets, sporting events and other entertainment-related purchases
trout and salmon fishing stamps
capital improvements to homes
A fairer alternative – Under New York’s current tax system, families earning $40,000 a year pay the same tax rate as those who earn $4 million a year. But a new temporary surcharge on the wealthiest 3 percent of New Yorkers adds fairness to the tax code while generating revenue to help fund our schools, shore up our health care system and narrow a growing budget gap without burdening middle- and low-income New Yorkers.
Assemblywoman Millman demanded a fairer solution. Now, those families earning $300,000 to $500,000 per year will be taxed about 1 percentage point more; and those families earning over $500,000 per year will be taxed approximately 2 percentage points more. Everyone else – 97 percent of New Yorkers – will see no income tax increase.
Contrary to misleading headlines, this does not cause millionaires to flee the state. In fact, there was a 54 percent increase in the number of tax filers who earned more than $1 million the last time New York imposed such a temporary surcharge.