ALBANY, N.Y. (WTEN) — According to a recent Siena poll, most New Yorkers are in favor of raising income taxes for those earning more. While this is not part of the Governor’s budget proposal, it is part of the Assembly and Senates.
“I think modest rate increases on the richest individuals and corporations are things they can absorb,” said Michael Kink, Executive Director of the Strong Economy For All Coalition. Kink said New York has 21% more millionaires since taxes were raised on the wealthiest in 2021. The Siena poll shows around 75% of New Yorkers are in favor of the increase. The one-house budget proposals would increase income taxes for those making over $5 million from 10.3% to 10.8%. And for those earning over $25 million, a shift from 10.9% to 11.4%.
Advocates said this would help with a slew of issues like a minimum wage increase and health care for all. “That’s money into the pockets of people that will spend it on their everyday needs; not billionaires that’ll buy another yacht or another hundred-million-dollar piece of art,” said Kink.
Assemblywoman Anna Kelles said this money would help with increasing wages for home health aides which she said already has a shortage of 100,000 workers and is expected to get worse. “We know that we are going to have a lot of people who are entering into the need because of the baby boomer generation. So we have to address this now or the crisis is going to explode even more than it already is. The needs that we have are real and they are a crisis,” explained Kelles.
When Capitol Correspondent, Amal Tlaige reached out to the Governor’s office they said Governor Hochul continues to stand by her proposal. She says we must live within our means and doesn’t want to push more New Yorkers out of the state. The budget is due April first.