Center for Working Families

What’s the cost of a millionaires tax cut?

October 12, 2011
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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.

 

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© 2011 Center for Working Families

About CWF

The Center for Working Families creates and implements innovative policy ideas to improve the lives of working and low income New Yorkers.

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