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Let the wealthy do their part

|
2008-08-13
| El Diario NY

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In closing New York’s projected $26 billion budget deficit, we agree with Governor David Paterson when he says that raising taxes should be the last resort. New Yorkers already pay a lot of taxes. But a proposal for a surcharge on the wealthiest New Yorkers is certainly in order considering the state’s economic woes.

Paterson has called for belt tightening and cutting the fat off the pork Albany doles out. But funding for public education and essential services must be protected as much as possible. Here’s where New Yorkers with big bucks can do their part.

With the surcharge, the idea is to spread the pain of cuts as opposed to allowing what usually happens—struggling families and the poor feeling the brunt of a budget squeeze.

To this end, the Fiscal Policy Institute has called for a temporary income tax surcharge for families with income over a million dollars. A Quinnipiac poll earlier this month showed that 78 percent of New York voters support raising the state income tax on people who make more than $1 million a year.

Some critics say this would tick off and send millionaires packing. That’s as believable as a slight, proposed tax increase on hotel room occupancy driving tourists away from New York City.

Earlier this year, a proposal for a millionaire’s tax was presented in Albany but did not make it to the floor of the Assembly or Senate. Now, with the legislature convening next week, there’s an opportunity for our elected officials and the governor to show whose side they are on—the rich, or families who are already struggling with rising expenses and stagnant wages.

In a state and city with the country’s widest income disparities between the rich and the poor, protecting the underdog is all the more necessary.

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