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Legislation would raise taxes on the rich to fill the education funding gap

May 14, 2020 5:30 am
Morgan McKay is reporting for State of Politics two New York state senators have proposed legislation that would tax high earners in New York at a higher rate for a limited time in order to avoid major education funding cuts. The SHARE Act, or the Shared Help Assessment to Rebuild Education Act, would increase the income tax rate for earners of more than $5 million from 8.82 percent to 10.9 percent for two years. Eighty-five percent of the revenue generated from the tax would go to public schools and 15 percent would be used to fund the SUNY and CUNY system. “We are in a period of unprecedented fiscal crisis," Senate Education Committee Chairwoman Shelley Mayer said. "And we must ensure that our public schools — the great equalizer of our democracy — are funded adequately. It is a time for shared sacrifice. We cannot allow this terrible virus to threaten the futures of hundreds of thousands of students throughout New York state." Gov. Andrew Cuomo has been warning of massive budget cuts across the board, with schools, local governments and hospitals expected to see 20 percent funding cuts unless the federal government comes through with the needed aid. Read the full story at nystateofpolitics [dot] com.