A coalition of over 40 New York millionaires who support public investments for ending poverty and jumpstarting infrastructure repairs just penned a letter to Gov. Andrew Cuomo demanding higher taxes for the super-rich.
"As New Yorkers who have contributed to and benefited from the economic vibrancy of our state, we have both the ability and the responsibility to pay our fair share," the letter said, according to the Associated Press. "We can well afford to pay our current taxes, and we can afford to pay even more."
New York currently has among the highest state taxes in the nation. The state income tax for individuals who make more than $1,062,650 a year is 8.82 percent. New York City also has an additional income tax of 3.876 percent for individuals who make more than $500,000 a year.
The group of millionaires are proposing a new tax plan, called the one-percent plan, that would raise the top tax rate to as high as 9.99 percent for those who make more than $100 million a year in an effort to reinvest in the city's people and infrastructure.
The additional money could make a huge impact. Over 2.7 million New Yorkers, about 14 percent, are below the poverty line, and a 2014 study by the Center for an Urban Future found that much of New York City's infrastructure is more than 50 years old and in need of repair.
Republicans, who control the New York State Senate, are firmly opposed to the tax hike.
This group of New York millionaires works with a national organization known as Patriotic Millionaires, which comprises 200 people nationwide. They support ending economic inequality by establishing a fairer tax system, a minimum wage of at least $15 an hour and improvements to public education.
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