Unions, community organizations, not-for-profits and faith-based groups from all corners of the state joined together today to urge the Governor and Legislature to include fair and just revenue raisers in the FY 2025-26 final budget to fund the important investments necessary for a thriving and affordable New York.
At a time of record corporate profits and a widening income inequality gap, the groups penned a letter to the Governor and Legislative Leaders requesting they ensure our tax structure meets the needs of working New Yorkers. We believe it is time to rally around solutions that unite the vast majority of New Yorkers, starting with one of the most obvious: Make the super-rich pay their fair share in taxes.
Together, as a new coalition called Share Our Wealth, the groups are asking the Governor and Legislative Leaders to increase New York’s top income tax rates for those earning over $5 million and over $25 million by 0.5% and increase the corporate tax rate by 1.75% (from 7.25% to 9% for the most profitable corporations) and make these changes permanent.
These are not new proposals. In fact, the NYS Senate and Assembly proposed these very reforms in their one house budgets last year. These small reforms would generate up to $3 billion for the state to invest in working-class New Yorkers’ basic needs like childcare, education, higher education, healthcare, transportation and housing, helping them create the lives and futures we dream about for our families.
Senator Andrew Gounardes said:
"This is about basic fairness. This is about making sure the wealthy pay their fair share. This is about building a New York that is strong and safe and affordable for everyone. My proposals would increase tax rates on multimillionaires by a tiny 0.5%, and on the wealthiest, most powerful corporations in the state by just 1.75%. That’s chump change to the ultra-wealthy, but it would generate billions to invest in working-class New Yorkers’ basic needs like childcare, education, healthcare and housing. New Yorkers have made it clear that the status quo is not working for them. Let’s heed that call and build a tax code — and a New York — that works for all of us."
Assemblymember Michaelle Solages said:
“The pandemic has brought immense wealth to the top 1% of earners in New York, while working families have borne the brunt of inflation and skyrocketing costs of living. It’s time for a change. New York’s most successful individuals have the opportunity to reinvest in their communities — by expanding access to education, universal childcare, and addressing critical cost-of-living issues like property tax relief to keep families in our state. This isn’t just about fairness; it’s about building a stronger New York where everyone has the chance to succeed. With the support of our labor partners and the leadership of Senator Gounardes, I’m confident we can create a brighter future for all New Yorkers.”
NYSUT President Melinda Person said:
“While billionaires continue to grow their wealth exponentially, everyday New Yorkers struggle. Our public schools, healthcare system, transportation and public services face underinvestment and belt tightening. We need a change. The Share Our Wealth campaign is about investing in the things that improve the lives of working families and calling for more to be done by those amassing great wealth. It’s a call for the super-rich to invest in our collective future.”
President of the New York State AFL-CIO Mario Cilento said:
“Raising revenue will allow our state to provide the essential services that 20 million New Yorkers rely on every day. Whether it is education, healthcare, childcare, mental health services or building much-needed affordable housing, this campaign is about fairness, dignity and making New York the best it can be. It is time to overhaul our state revenue system and create a fairer tax structure that supports all New Yorkers."
George Gresham, President of 1199SEIU United Healthcare Workers East, said:
“We represent 300,000 healthcare workers around the state who have dedicated their lives to providing care for New Yorkers, and these caregivers deserve a tax structure that finally works for working people–instead of the billionaires. 1199SEIU members are working harder than ever to provide a decent life for themselves and their families while services in their communities and the facilities where they work remain underfunded because the state refuses to fairly tax the mega-rich. We must restructure the tax code towards a more equitable system by demanding the wealthiest New Yorkers pay their share.”
NYS Public Employees Federation President Wayne Spence said:
"Governor Hochul has advanced several important proposals to put more money in the pocket of middle class working families in this budget. We need to build upon those initiatives with sensible changes to our tax code to ensure the state has sufficient resources to provide SUNY Downstate the capital and operational monies it needs, to keep New York's public employees safe on the job and to enhance state-operated mental health and other services for all who need it.”
CWA District 1 Vice President Dennis Trainor said:
"The numbers tell a shocking story: America's 800 billionaires now hoard $5.8 trillion — 57% more wealth than 65 million working households combined. Working people are sick and tired of this outrageous inequality and demand that the super-rich pay their fair share. The 'Share Our Wealth' plan would raise $3 billion through modest tax increases on the ultra-wealthy and corporations, putting that money directly into childcare, housing, and transportation for working New Yorkers. With overwhelming public support, we can finally build an economy that works for the many, not just the privileged few who've rigged the system in their favor."
NYSNA President Nancy Hagans, RN said:
“We need a New York that works for all of us. Raising revenue to support vital services like healthcare, education, childcare, and more makes New York more affordable and ensures all New Yorkers can thrive. As nurses, we’re proud to be part of this coalition of working people, and we’re calling on our elected leaders to include a fairer tax structure that ensures the super-rich contribute their fair share in this year’s budget.”
Fiscal Policy Institute Executive Director Nathan Gusdorf said:
“New York State faces an acute need for new revenue this year — in particular to fund the MTA capital plan and invest in pro-affordability measures in housing and childcare. The tax policy proposals of the Share Our Wealth campaign ensure that these needs would be met by those with the greatest ability to pay, and they would raise sustainable, recurring revenue without adverse effects on the state economy. Contrary to the myths of anti-tax activists, who argue that high earners will simply move to avoid tax, FPI’s research has repeatedly shown that the top 1 percent of New York’s taxpayers rarely move for tax reasons, and that the ranks of the wealthy continue to grow. Meanwhile the polarization of the economy continues, with working- and middle-class New Yorkers facing untenable increases in the cost of living and in need of improved public services to alleviate these burdens.”
Deputy Executive Director of the NYS Council of Churches Rashida Tyler said:
"With growing income inequality and record corporate profits, it is more important than ever to create an equitable economic system that supports working families and the vulnerable in New York state. An economy that works for all of us requires transformative policies to raise revenues and ensure that the wealthiest individuals and corporations pay their fair share in taxes. By implementing measures like the 'Share Our Wealth' proposal, we can generate billions of dollars to invest in critical needs such as schools, housing, healthcare, and transportation — helping struggling New Yorkers build better lives for their families. Now, it is time to act!"
FPWA CEO & Executive Director Jennifer Jones Austin said:
“Given the findings of the recently released Urban Institute's True Cost of Economic Security measure, which tells us that on average New Yorkers have a resources gap of nearly $34,500 when it comes to meeting their daily basic needs, saving for their futures and covering unforeseen emergencies, Governor Hochul's proposals to put money in the pockets of working- and middle-class families are critical, but more needs to be done to ensure true economic security for families throughout our state. The "Share Our Wealth" proposal would help create a New York economy and governmental infrastructure that ensures the well-being of all New Yorkers.”
Ron Deutsch of New Yorkers for Fiscal Fairness said:
“I have been working to create a more fair and just tax code for over three decades in Albany. We’ve tinkered around the edges over the years with temporary rate increases, but now is the time to restore fairness to our tax system by asking those with the greatest means to pay their fair share and make those changes permanent. The Share our Wealth Campaigns proposals are extremely reasonable, won’t impact anyone with less than $5 million in income, and have incredibly broad public support.”
Contact:
Ron Deutsch, NYFF: 518.469.6769 rdeutschnyff@gmail.com
NYSUT Media Relations: 518-213-6000, mediarel@nysut.org
Darcy Wells: Communications Director, NYS AFL-CIO, dwells@nysaflcio.org