'Multimillionaires Tax': 48 Millionaires, Abigail Disney, Morris Pearl Demand Higher Taxes
Feb. 14 (Truthdig) Imploring New York Gov. Andrew Cuomo to allow them to contribute to the state’s future in a way that benefits all New Yorkers, four dozen millionaires are demanding that lawmakers pass a “Multi-Millionaires Tax” to raise billions of dollars for education, infrastructure, and other programs for the greater good. Forty-eight millionaires sent a letter to Cuomo and the New York State Assembly:
“We millionaires and multi-millionaires of New York can easily invest more in the Empire State, and lawmakers like you have a moral and a fiduciary duty to make sure we do so,” wrote the Patriotic Millionaires, including former Blackrock executive Morris Pearl and filmmaker and entertainment heir Abigail Disney.
“Raising taxes on high-income New Yorkers like us in order to invest in our people and our communities is not just the right moral choice, it also happens to be in the long-term economic best interest of everyone, including millionaires like us,” they added. As the letter was delivered to the State Capitol, Pearl testified at a state budget meeting on the Multi-Millionaires Tax proposal. The tax would be levied against households earning more than $5 million per year, Pearl said. The group is also proposing that lawmakers close the carried interest tax loophole, which allows many Wall Street managers to pay the lower capital gains tax rate instead of the income tax rate that middle class families have to pay...
The group added in its letter that since 2009, when New York passed a Millionaires Tax affecting households making $300,000 or more, the number of millionaires in New York has risen 63 percent.
Furthermore, the millionaires wrote, “Most of us will literally not notice the difference” in their tax bills if their rate is raised. “The taxes we’re talking about will not affect people’s quality of life,” Disney told the New York Times on Tuesday. “They will not have any fewer private airplanes or boats because of this tax.”Pearl added that his wealth provides such an enormous cushion that he—and, very likely, most other extremely high earners—couldn’t pinpoint how much Trump’s tax cuts had saved him., https://www.truthdig.com/articles/abigail-disney-and-her-fellow-millionaires-demand-higher-taxes/
- Also: NYT, NY Millionaires Tell Albany, Tax Us, Please, Feb. 12, 2019,
https://www.nytimes.com/2019/02/12/nyregion/millionaires-tax.html
- Patriotic Millionaires, https://patrioticmillionaires.org/
* Millionaires' LETTER and Names:
Signed, Sandra Baron, Marc Baum, Lawrence Benenson, Susan Berman, Roger Bernstein, Pierce Delahunt, Anne Delaney, Abigail Disney, Andrew Drews, Rick Feldman, Bob Fertik, Helen Freedman, Paul Gangsei, ...cont.
https://www.commondreams.org/newswire/2019/02/13/millionaires-new-york-governor-cuomo-raise-our-taxes
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