The "Fair Share Tax Reform Act of 2009" was introduced in the Senate today.
Among the bill's supporters, there is a sense that they face considerable - but not necessarily insurmountable - skepticism from Senate Democrats.
"By introducing this bill, we are opening the conversation," said Senator Eric T. Schneiderman, a Democrat who represents parts of the Upper West Side and the Bronx and is the bill's lead sponsor. "But this is an issue that gathers support the longer people think about it."
Called the Fair Share Tax Reform Act of 2009, the plan laid out in Mr. Schneiderman's bill is an expanded version of the so-called millionaires' tax the Assembly passed last year. It would create three new tax brackets at the highest end of the state's income tax scale and apply to taxable income, not gross income.
Here's some reactions from others.
Dan Cantor of the Working Families Party:
"While Governor Paterson continues to ask everyone except the wealthy to contribute to closing the state's budget gap, the Fair Share Tax Reform Act introduced by 18 Senators today strikes a bold note for fairness and true shared sacrifice.
The Act would raise $6 billion in desperately needed revenue for New York, helping to offset some of the Governor's proposed devastating cuts to students, the elderly, and the disabled. Fair Share Tax Reform does so by asking the very richest New Yorkers to pay their fair share in taxes by giving back some of the generous tax cuts they've been lucky enough to receive.
As Congress continues to debate the federal stimulus package, hundreds of economists have warned that Gov. Paterson's proposed cuts could slow economic activity and sink New York deeper into recession.
Their take: raising taxes on those who can most afford to pay is not only the fairest solution, it is the one that will put New York fastest on the road to recovery.
As the devastation to schools, hospitals, libraries, public transportation and hundreds of other essential public programs the Governor has proposed becomes clear, it is no wonder that poll after poll shows the vast majority of New Yorkers support asking the wealthy to pay their fair share.
Karen Scharff of Citizen Action:
"The question comes down to whether we should ask wealthy New Yorkers to pay a small amount in additional taxes to protect average New Yorkers facing job losses, foreclosures, school cuts and property tax increases," said Karen Scharff, Citizen Action Executive Director. "The proposed state cuts in programs like education and health care will have a devastating impact on the quality of life for all New Yorkers unless the state raises significant new revenue."
Currently, every New Yorker who earns more than $40,000 pays the same marginal tax rate of 6.85%. The "Fair Share Tax Reform" bill, introduced today by Eric Schneiderman and other Senators from across the state, would reverse a 30-year pattern of reducing taxes on the wealthiest New Yorkers by creating new income brackets for individuals or families making more than $250,000, $500,000 and $1,000,000.
"It's much fairer to ask a person making $300,000 per year to give up the cost of a high-end dinner in midtown Manhattan than to layoff teachers at public schools in his neighborhood, forcing children into larger classes," said Scharff. "The state budget deficit is forcing our state leaders to decide whether our priority is protecting wealthy New Yorkers who can easily afford a bit more in taxes, or working families who depend on basic services like education and health care."
More as they come in. In the meantime, this looks to be a perfect opportunity for folks to get in touch with their Senators. Ask them if they are a sponsor of the bill. If they aren't, ask them why not. |
