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Pushing for extension of the 'millionaire's tax'

Mar 25, 2011 2:09 pm

In an open letter to the governor and state legislators today, accompanied by a barrage of press releases, a new organization of wealthy New Yorkers from around the state said they are ready and willing to forgo their tax cut to be part of the budget solution. Joining with Responsible Wealth, New Yorkers for Fiscal Fairness, the Fiscal Policy Institute, and the GrowingTogetherNY and Strong Economy for All coalitions, the signers of the letter - who call themselves Responsible Wealth - told the Governor and legislative leaders that many of his proposed cuts are "unnecessary" because a continuation of the PIT surcharge on the wealthy, currently set to expire at the end of 2011, could generate needed revenue and help mitigate the most harmful impact of the proposed cuts. Actor and activist Mark Ruffalo recorded a brief video, seen above, for the effort. The letter was a joint effort between the organizations listed above and the Responsible Wealth project. Mike Lapham, director of Responsible Wealth, said, "Many of the signers of this letter are members of the Responsible Wealth project. They are people who recognize that New York needs a much more progressive tax structure, and that upper-income folks like themselves need to be a big part of the revenue solution to the current budget crisis. They would rather pay more in taxes than see state services and infrastructure deteriorate. They value the quality of life in New York and are willing to pay more taxes to help preserve it." Responsible Wealth, a project of the national non-profit United for a Fair Economy, is a national network of over 700 business leaders, investors and other wealthy individuals who are concerned about growing economic inequality." Meanwhile, similar statewide coalitions have taken to delivering checks to State Senators against extending the tax for $4.6 billion each, made out to NYS millionaires, representing the amount of revenue the State will lose if the Millionaire’s tax is not extended.

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