| For Immediate Release: February 10, 2009 |
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For More Information: Bob Cohen, 518.465.4600 x 104 518.265.6183 (c) |
Citizen Action Applauds Introduction of Fair Share Tax Bill
Fair Share and Federal Stimulus Bill Together Will Jumpstart
State Economy and Protect Education, Health Care, Other Service
Albany – Citizen Action of New York praised a group of State Senators for introducing today a “Fair Share Tax Reform” bill that would raise more than $6 billion in new revenue by increasing taxes on the 2% of wealthy New Yorkers that make more than $250,000 a year. On a day when the federal economic stimulus bill faces a crucial vote in the U.S. Senate, the social justice organization said that the state must work with the Obama administration to jumpstart the state economy and protect vital state services like education and health care.
“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.”
Under the bill, a person making $300,000 per year in adjusted gross income would have to pay $71 more in taxes each week after federal deductions are factored in. The Governor’s budget has proposed a $2.5 billion cut to education funding. Â
“Economists say that the worst thing states can do in an economic downturn is to cut services in our communities that provide jobs. Fair Share Tax Reform will enable our state to work in tandem with President Obama to stimulate the economy, instead of cutting education, libraries, and aid to our cities,” said Scharff.
Citizen Action is a statewide organization that organizes for social, racial, economic, and environmental justice. Citizen Action maintains a web page to involve the general public in the state budget fight: www.fightthecuts.org.
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