Putting the state on the road to economic recovery required tough decisions, shared
and yes, tough cuts. With New York facing a $17.7 billion budget gap,
belt-tightening and the federal stimulus money alone couldn’t repair our economy.
Rejecting $2.1 billion in nuisance taxes
Assemblyman Rivera 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
$40,000 per year or $4,000,000 – New Yorkers paid the same tax rate
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.
Assemblyman Rivera 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,
here 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.
“I rejected dozens of taxes and fees that would have nickel-and-dimed middle- and
low-income New Yorkers and replaced them with an alternative that asks the wealthy to pay
their fair share while fixing an outdated tax system.”
-- Assemblyman Rivera