New Yorkers back increased wealth taxes
Majority of New York Voters Support Increasing Taxes on Top Earners, Poll Finds
A new independent poll reveals that a majority of New York voters are in favor of raising taxes on the state’s highest earners. This comes as Democratic lawmakers gear up to push for a wealth tax.
The Siena poll, commissioned by the Invest in Our New York campaign, shows that 74% of voters believe taxes should be increased for the top 5% of earners. Additionally, a similar percentage of respondents, including 72% of upstate residents, believe that raising taxes on the wealthy is a better solution than cutting services to address the state’s budget shortfall.
“While 49% agree that tax increases will result in millionaire flight and nearly as many believe increasing taxes will hurt rather than help the economy, of those with these concerns, a majority still support higher taxes on the highest earners,” said Don Levy, director of the Siena College Research Institute.
Carolyn Martinez-Class, campaign manager at Invest In Our New York, emphasizes that the polling data confirms the preference of New Yorkers for higher taxes on the rich to fund public programs.
“Working-class New Yorkers, the people who wake up each day to strive for a better future for themselves and their families, continue to be the victims of budget cuts and diminished state resources. In the meantime, the ultra-rich continue to accumulate wealth,” she stated. “If our leaders do not intervene, the affordability crisis in New York will only get worse.”
The advocacy group highlights that New York has one of the highest concentrations of ultra-rich households in the nation, with individuals earning $30 million collectively holding $7 trillion in wealth. However, they argue that the rich are not paying their “fair share” of taxes.
While Governor Kathy Hochul, a Democrat, has pledged not to raise taxes in her upcoming executive budget proposal and has rejected previous efforts to impose higher taxes on the state’s wealthiest, some Democratic lawmakers are determined to push for increased taxes on the wealthy in the upcoming legislative session.
New York is projected to face a $4 billion deficit in the next fiscal year’s budget, leading economists to suggest cuts to programs and services.
In 2021, former Governor Andrew Cuomo raised the state’s tax rates for the wealthiest New Yorkers. Individuals earning between $5 million and $25 million are now taxed at 10.3%, while those making over $25 million are taxed at 10.9%. New York City residents with income above these thresholds pay between 13.5% and 14.8%, including the city’s 3.88% top income-tax rate.
Critics argue that these higher rates have driven wealthy New Yorkers out of the state. An analysis by New York City’s Independent Budget Office revealed an 11% decline in the number of taxpayers earning between $1 million and $5 million in 2020 compared to the previous year, as top earners sought refuge in other states.
A 2023 report by the Tax Foundation cautioned against taxing the rich to generate revenue, stating that it could hinder investment and drive away entrepreneurs and innovators.
What does the Siena poll reveal about the support for increasing taxes on the highest earners in New York
Better future for themselves and their families, understand that the burden of funding our government and providing essential services should fall on those who can most afford it,” Martinez-Class said.
The push for a wealth tax has gained traction among Democratic lawmakers in New York, who argue that it is necessary to address the state’s fiscal challenges brought on by the COVID-19 pandemic. The pandemic has resulted in a significant decrease in tax revenue and an increase in the demand for critical services. Advocates of a wealth tax believe that it can generate much-needed revenue to fund programs such as education, healthcare, and infrastructure improvements.
Opponents of the wealth tax argue that it could potentially lead to millionaire flight, with high-earning individuals leaving the state to avoid paying higher taxes. They also claim that increasing taxes on the wealthy could have a negative impact on the economy, potentially stunting job creation and economic growth.
Despite these concerns, the Siena poll shows that a majority of New York voters still support raising taxes on the highest earners. This support is consistent across party lines, with 71% of Democrats, 54% of Republicans, and 65% of Independents in favor of increasing taxes for the top 5% of earners.
The poll also highlights that concerns over millionaire flight and negative economic effects do not outweigh the desire to address the state’s budget shortfall and maintain critical services. Voters recognize the importance of funding public programs and believe that those who have benefited the most from the system should contribute a larger share.
Lawmakers in New York are now faced with the task of turning this popular sentiment into actionable legislation. The fate of a wealth tax will depend on their ability to address the concerns raised by opponents while effectively communicating the benefits of increased revenue for public programs and services.
Overall, the Siena poll highlights the overwhelming support among New York voters for raising taxes on the state’s highest earners. This sentiment represents a growing belief that the burden of funding essential services should be placed on those who can most afford it. The coming months will reveal whether this support translates into concrete legislative action, paving the way for a wealth tax in New York.
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