Members of the New York State Senate and Assembly,
At this pivotal moment in the budget process, you have the opportunity – and the responsibility – to affirm a simple, enduring principle: every New Yorker deserves the chance to live, thrive, and raise a family with dignity.
While the wealthiest New Yorkers are set to receive a $12 billion tax cut this year, nearly one million of our neighbors risk losing healthcare, more than 200,000 could lose SNAP benefits, and localities face $1.3 billion in new costs. Everyday New Yorkers are poised to bear the brunt of the Trump cuts if you don’t act now.
As the legislature enters final budget negotiations, it must include the following – broadly popular – statewide proposals.
- Progressive State Income Tax Bill (S.1622-Jackson/A.1281-Meeks) – which would create 10 new brackets affecting the top 5% of earners to generate $21 billion annually
- Tax on the Most Profitable Corporations (A.1971-Kelles)- which would ensure companies doing business in New York with over $5 million in profits pay what they owe and raise $5 billion annually
In order to fill the $5.4 billion budget shortfall left by the Adams administration and enact Mayor Mamdani’s broadly popular affordability agenda, the state legislature must enable New York City to make its income taxes more progressive by passing:
- The Fair Share Act (A08953 Forrest / S08577 Liu) – which would add a 2% surcharge to those with incomes over $1m per year, raising $3 billion annually
The Legislature and the Governor must BOTH include statewide revenue proposals and the Fair Share Act.
This is not an exhaustive list of progressive revenue raisers – the undersigned organizations also support efforts to address loopholes that allow millionaires and billionaires to shield their wealth from their tax liability, such as the capital gains (S.1439-Rivera/A.676-Kim) and heirs tax (S.914-Brisport/A.2049-Solages) bills, and the NYC Corporate Tax (S.9189-Gonzalez/A10340-Moreno).
Invest in Our New York
Professional Staff Congress-CUNY
Our Time
New York City Democratic Socialists of America