NY millionaires write to governor asking for higher taxes

[jpak]

Source: Washington Post

ALBANY, N.Y. — A group of more than 40 millionaires in New York state has written to Democratic Gov. Andrew Cuomo and top lawmakers calling on them to consider raising taxes on the state’s wealthiest residents to help address poverty and rebuild failing infrastructure.

The letter, a copy of which was given to The Associated Press, proposes new, higher tax rates for the top 1 percent of earners.

The letter goes on to say additional revenue is needed to address child poverty, homelessness and aging bridges, tunnels, waterlines and roads.

“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 states. “We can well afford to pay our current taxes, and we can afford to pay even more.”

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Read more: https://www.washingtonpost.com/national/ny-millionaires-write-to-governor-in-favor-of-higher-taxes/2016/03/21/f6a95c88-ef53-11e5-a2a3-d4e9697917d1_story.html

[alc]

1. did they include a check with the letter?

Maybe I shouldn't be skeptical but I always expect some other motive when I see these. Some of the 1% have publicly asked for higher taxes knowing that the way their wealth grows will not be subject to those taxes - but it looks good to those people outside their office with pitchforks and torches.

I realize they are asking for all the 1% to be taxed higher and not just them. But the can set an example by paying more without being asked and show they really mean it. Or including the letters they sent to their accountants to not look for deductions.

[zalinda]

2. It's a little more difficult than sending a check

The government has procedures in place and if you don't follow procedures, nothing much gets done. You can't just right a check for more tax than you owe, because it will bog down the IRS. It is the same for every other department in the government. I have received a check for $.12 before from the government. It had to cost more than $.12 to print and mail the check, much less all the human and computer work it took to find that $.12.

They did what they should do and ask for an increase on all. As far as deductions, no accountant would ever do that. If they did, they could actually be sued for incompetency by any relatives who happened to inherit during a certain period of time, if they wanted to.

Z

[JCLNH]

15. Here you go:

https://www.fms.treas.gov/faq/moretopics_gifts.html

Please forward to all who wish to write an extra check. They not only will accept it, but they encourage extra payments. NO more excuses... if you want to pay more taxes, please proceed.

[LiberalArkie]

3. Generally when you pay more than you are supposed to pay, it goes into a general fund.

Thus is used (usually) for non budget items.

[Ed Suspicious]

9. I just got a check for $53.07 from the IRS for an overpayment from

2011. They generally don't keep what you don't owe.

[MosheFeingold]

4. There is a large difference between wealth and income

That never seems to be appreciated.

Rockefeller liked income tax because his wealth (and, most importantly, the internal growth on the wealth) was not taxed until such time as it was sold for a gain and thus became income. He said income tax "kept the Jews out of the country club."

What income tax does is prevent high earners from accumulating wealth (and thus actually becoming rich). It cut them out of investment and other opportunities -- making things cheaper for him.

These millionaires are no different.

Now, I am not an anti-income tax guy, but income tax is but one small part of an overall strategy to equalize the playing field. High income tax alone actually widens the gulf between the "really rich" and the "doctors, lawyers, and Dairy Queen owners."

You need a balanced combination of income, sales/VAT, estate, property, and wealth taxes.

[Wounded Bear]

6. Good points...

we really should implement some kind of a wealth-based tax on a federal level. I've often thought one thing to do is to tax the annual statement at some small amount, like 1% or even less. That would generate a ton of revenue and would be radically progressive, which is, of course, why it would never pass.

[Elmer S. E. Dump]

7. They know theres another 500 millionaires that wil try to stop it.

[staggerleem]

10. That was gonna be my point!

Or perhaps something along the lines of "What percentage of the number of millionaires in New York State do those 40 authors represent?" I'm sure it's nowhere near 50% - I'll bet it's less than 10%.

[Elmer S. E. Dump]

16. We're just talking millionaires, right?

In New York City alone there must be 1000's if not 10's of 1000's of millionaires. These guy are just trying to make themselves look good.

[Helen Borg]

5. When it gets so bad that even wealthy folks

cannot walk safely on the streets of NYC, them for sure even the wealthy will push for helping the poor. Sad things have to get so bad.

[valerief]

8. The wealthy will just fly on their private jets to their private islands. nt

[staggerleem]

11. Ha, Ha!

You suggested that millionaires walk the streets in NYC! ROTFL!

[fullautohotdog]

14. Since $1 million is the price of an apartment...

yeah, they do.

Millionaire in NYC == millionaire in Podunk, Iowa.

[staggerleem]

12. Hey, here's an idea!

Howzabout your BUSINESSES pay THEIR fair share of taxes, too?! Now I know that our illustrious Republicrat Governor has placed a 10-year moratorium on business taxes for any company that moved into the state after he was elected, but maybe you wanna waive that allowance? Because if you REALLY want to see the state's coffers grow, and investments made in manpower and infrastructure, business taxes have historically a richer source of income for states than personal taxes. Just sayin'!

[davidthegnome]

13. K & R

This is what wealthy people with integrity and decency should have been doing for years - and, to be fair, some few of them have been (kudos to those of them here at DU: you know who you are - thank you). While they may be the exceptions rather than the rule, these people deserve applause for doing the right thing.

It isn't a crime to be wealthy. It doesn't make someone a bad person, or corrupt, or cruel - it doesn't indicate anything about one's personality or character. It is a matter of numbers, really. If, collectively, all of the wealthy behaved as decency and integrity demand, we would not have a lot of the problems that Sanders is talking about. We would not have our broken infrastructure, our falling apart educational system that suffers greatly from poor funding, we would have a much stronger safety net, we would already have made headway against climate change and into reducing and/or eliminating fossil fuel use.

I have a great deal of respect and admiration for those of wealth who are not corrupted by it. For those people who understand that we are in this together, rich or poor, that we should work together for the benefit of all. I hope this sort of thing is contagious, that millionaires and billionaires both will consider doing what these folks are.

No, it isn't going to solve anything overnight - but when the wealthy themselves support progressive tax legislation, it is much more likely that it will be accomplished.

As rare as it is that this happens, we should be glad for it and applaud it rather than condemn it. I do not despise all rich people - just rich assholes.

[zstat]

17. Did Hilary sign it? Just Curious

Really, did she also sign the letter. She is a millionaire.