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Poll Reveals New Yorkers in Favor of State Wealth Tax, Several Queens Officials Back Concept

(Jessica Ramos Twitter)

Feb. 10, 2020 By Kristen Torres

Several Queens lawmakers joined officials from a prominent teachers union Monday to unveil results of a new poll that showed broad support for a proposed state-wide wealth tax.

An overwhelming majority of survey respondents—92 percent—supported new taxes on New York’s millionaires and billionaires as a way to cover the state’s budget deficit, which currently stands at $6.1 billion.

The survey, which was conducted by Hart Research Associates and based on the response of 1,000 registered New York voters, revealed widespread support for a wealth tax on New Yorkers with more than $1 billion, and for a new tax on residents with incomes of more than $5 million. The survey was released by the United Federation of Teachers.

Survey respondents also supported a pied-à-terre tax.

“We won’t be able to survive in New York if we don’t get the wealthy to pay their fair share in taxes,” said State Senator Jessica Ramos in a tweet Monday.

Support for the new taxes spanned party lines, with 95 percent of Democrats, 87 percent of Republicans and 89 percent of unaffiliated voters backing the tax proposals, according to survey results.

City Council Speaker Corey Johnson came out in support of higher taxes for the city’s ultra-rich, and said he’s fighting for a state budget that asks the wealthiest residents to pay their fair share.

“I’m in Albany…fighting for a fair budget that asks the wealthiest New Yorkers to kick in a little bit more,” Johnson tweeted Monday.

State Senator Michael Gianaris—who represents Astoria, Long Island City and Sunnyside/Woodside— also voiced his support for the proposed taxes on Monday.

“In a state and a city that has incredible wealth as well as incredible poverty, it seems fair to ask those who can afford it to help chip in more so that we can properly address some of these priorities,” Gianaris said.

The New York State United Teachers Union said the poll shows New Yorkers believe taxing the ultra-rich is the right way to make “significant investments in critical state services,” such as education, health care, public housing and transportation.

The NYSUT also said imposing a wealth tax on the more than 46,000 multimillionaires living in the state would generate more than $12 billion in revenue for the state.

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17 Comments

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stupid people spewing stupidity

so someone who is near retirement with million dollars in a 401k is considered “ultrawealthy”? You need at least a million saved to live modestly for 30 years in retirement.

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Ahole

No because that’s not income. And it’s not over $5 million. Do you know what income means? Do you not know the difference between $1 million and $1 billion?

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Watch who you call wealthy

I have some equity in my home plus 401k Ive saved over 35 years, yeah the total of this is just over 1 million. So your gonna tax me more?
I don’t consider myself wealthy, just someone who is preparing for the future by saving all I can.

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Mac

@Watch who you call wealthy- I guess that your posting handle is just a rallying cry because it certainly isn’t a logical response to this article. To quote this article you’re responding to “ The survey, which was conducted by Hart Research Associates and based on the response of 1,000 registered New York voters, revealed widespread support for a wealth tax on New Yorkers with more than $1 billion, and for a new tax on residents with incomes of more than $5 million.” Obviously the survey didn’t and doesn’t consider you wealthy either.

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FromLICQueens

These people are already moving out of New York State by the truck load. Do these clueless, wasteful politicians want to assist in pushing them into the trucks? Who’s gonna be left here to pay for all their wastefulness? Where was this survey conducted, at a Sanders’ campaign rally? Before any more tolls (no matter how virtuous is the name you give to it!), before any more new taxes, COME UP WITH BUDGET CUTS!!!!

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Mac

@FromLICQueens- Please provide us with the details supporting your statement “ These people are already moving out of New York State by the truck load .” From everything I’ve read the people moving out of NY State are retirees cashing out the equity on their homes and moving to retirement destinations with their pensions, people being priced out of the state and people escaping harsh winters. The reason for this proposal is the state is picking up more and more of what the Federal Gov’t formerly picked up. A FTT (Financial Transaction Tax) is an efficient equitable and fairly painless solution to cover this shortfall. The Joint Tax Committee projected that a modest tax of 0.03 percent on all trades of stocks, bonds and derivative instruments would raise more than $400 billion over the course of a decade. ($40 Billion a year) This is roughly equal to 0.2 percent of gross domestic product (GDP. This would be enough money to cover 60 percent of the cost of the food stamp program.). This solution would need to come at the federal level who are causing much of the money crunch at the state levels. The wealthiest have been the disproportionate benefactors of federal tax reform however may feel resentment for being singled out or targeted with this particular proposal. To quote this article “We won’t be able to survive in New York if we don’t get the wealthy to pay their fair share in taxes,” said State Senator Jessica Ramos in a tweet Monday. Ramos seems to have a one track mind when it comes to coming up with funding and cost cutting measures. Her social and public policies on school discipline crime and incarceration are just ridiculous. We need thinkers in positions of power not self proclaimed victims looking for revenge.

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FromLICQueens

What are they cutting? Before any more taxes are created, tolls added, we, the financiers of the politicians’ endless largesse, are owed a list of budget reductions. ENOUGH OF TAKING OTHER PEOPLE’S MONEY!!!!!

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Frank

@FromLICQueens- Freedom isn’t free. It cost money for a military, police and fire departments, emergency service, airports, highways, water works other infrastructure etc. etc..$2 Trillion in tax giveaways has to come from somewhere. Your Fox Entertainment propaganda rally cry of budget cuts isn’t always enough and usually just an attack on the most vulnerable. Got to protect the American oligarchs.

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FromLICQueens

Yep, Fox News is propaganda and MSNBC and CNN are news’ channels! Avenati will continue to be a trusted correspondent from his jail cell. 😉

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Frank

FromLICQueens- Let me get this straight..Its ok that you’re misinformed and will continue to get propaganda as fact because you feel CNN and MSNBC May be propaganda. Avanati? A station that gave rise to Bill O’Reilly who paid over $36 Million to stay out of jail and endorses a president who just got caught stealing $2 Million from veterans and ordered by a judge to pay it back. A President who committed fraud with a bogus university scam and ordered to pay $28 Million in restitution. The same Trump who has convictions on his record for stock fraud, illegal demolition, hiring illegal Polish laborers and housing discrimination. You basically think you’re an accomplice.

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Concerned

Just curious…In this age of the internet,why would someone with wealth stay in New York if they are able to move to a lower taxed state like Florida..let’s say Miami. Is the allure of Broadway shows better than saving money on their taxes. I don’t think so. But when the wealthy people move away, that $5 million dollar income cap will quickly drop to NYC middle class incomes. I hope I’m wrong, but all I hear from people these days is that they are counting the days to move out of NYC. And that includes the hipsters and millennials the moment they think about starting a family.

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Mac

@Concerned- The I gotta get outta of NY cry is as old as the Brooklyn Bridge. You obviously haven’t seen The Prisoner of Second Avenue, The Out of Towners, Midnight Cowboy, The Death Wish series, The Stepford Wives, Etc.,I mean ultimately Ricky and Lucy were chased out of NYC and ended up in Connecticut. People have always left NYC but continue to come because NYC offers opportunities. These opportunities are not found in Florida Texas or any other Republican strongholds. According to Crains and Forbes both Republican leaning publications state, if you you want to “make real money in America” move to the coasts. Even with the higher cost of living.

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FromLICQueens

You can make money in NYC and live in Connecticut or NJ! Enough putting hands in other people’s pockets!!! It’s disgraceful.

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Frank

@FromLICQueens- Don’t move to Jersey or Connecticut, you’ll only end up crying about the commuter tax. That’s a tax that will directly affect you.

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Mobile Workforce

That’s such an ignorant statement to make. No good jobs in red states? For one, I’m a consultant making mid six figures and I can work from anywhere. I have family obligations locally but once they are done, I am out.

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Dale

Mobile workforce -Look up the poorest US States. Come back when you know what you’re talking about.,When you’re uninformed you have nerve to call anyone ignorant.

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