October 12, 2011
Why do so many New Yorkers support the millionaires tax?
Because these are the sorts of things we can do with the revenue:
- Put more than 10,000 teachers back in the classroom and restore other education cuts ($1.3 billion).
- Make sure our water is clean by fixing crumbling infrastructure throughout the state. Projects in 20 upstate counties could cost $1.2 billion or more.
- Restore service on bus and subway lines ($117 million) and help reduce the MTA’s $9.9 billion capital program budget gap.
If the millionaires tax cut goes through on December 31, it’d mean a transfer of $5 billion a year from schools, infrastructure and other vital services to the pockets of the richest.
Let’s be clear: There’s absolutely no evidence that rich New Yorkers will move if the tax remains in place. When New Jersey passed a similar tax on high-earners, almost none left the state and net tax revenues increased dramatically.