Coalition of millionaires calling on New York State to raise taxes on the wealthy

Dozens of millionaires have banded together to demand that New York State raise taxes on the wealthy in order to alleviate child poverty, homelessness, and aging infrastructure.

On Monday, the millionaires wrote an open letter to Gov. Andrew Cuomo (D), saying that "as New Yorkers, we have contributed to and benefited from the economic vibrancy of our state, we have both the ability and the responsibility to pay our fair share." Backers, including Steven Rockefeller, Joseph Mailman, and Elspeth Gilmore, are calling on lawmakers to pass the "1 percent plan for New York Tax Fairness," The Guardian reports, saying they are "deeply concerned that too many New Yorkers are struggling economically."

The existing New York tax rate is scheduled to expire at the end of 2017, and lawmakers are working on a new deal by April 1. Now, people who make more than $2 million in taxable income pay a rate of 8.82 percent, and under the 1 percent plan, that rate would apply to people who make $1 million to $2 million. The rates go up from there, with people who make $2 million to $10 million taxed at 9.35 percent, $10-$100 million at 9.85 percent, and more than $100 million at 9.99 percent. Under the plan, organizers say, the state would raise an additional $2.2 billion in income tax revenue.

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