{"id":2144101,"date":"2024-01-09T08:19:41","date_gmt":"2024-01-09T13:19:41","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/new-yorkers-support-higher-wealth-taxes\/"},"modified":"2024-01-09T08:26:08","modified_gmt":"2024-01-09T13:26:08","slug":"new-yorkers-support-higher-wealth-taxes","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/new-yorkers-support-higher-wealth-taxes\/","title":{"rendered":"New Yorkers back increased wealth taxes"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">12<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fnew-yorkers-support-higher-wealth-taxes%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2144101&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Majority of New York Voters Support Increasing Taxes on Top Earners, Poll Finds<\/h2>\n<p>A new independent poll reveals that a \u2064majority of New York voters are in favor of raising taxes on the state&#8217;s highest earners. This\u200d comes as Democratic lawmakers\u200d gear up to push for a wealth tax.<\/p>\n<p>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 \u200c72% of upstate residents, \u2064believe that raising taxes on the wealthy \u200dis a \u200dbetter solution than cutting services to address\u200b the state&#8217;s budget shortfall.<\/p>\n<blockquote>\n<p>&#8220;While 49% agree that tax increases will result in millionaire flight and nearly as many believe increasing taxes will hurt rather than \u200dhelp the economy, of those with these concerns, a majority still support higher\u2063 taxes on the highest earners,&#8221; said Don \u200cLevy, director\u200b of \u200bthe \u2064Siena College Research\u200c Institute.<\/p>\n<\/blockquote>\n<p>Carolyn Martinez-Class, \u200bcampaign manager at Invest In Our New York,\u200b emphasizes that the polling \u2063data confirms the preference of New Yorkers for higher taxes on the rich to fund public programs.<\/p>\n<blockquote>\n<p>&#8220;Working-class New Yorkers, the people who wake up each day to strive for a better future for\u2064 themselves and their families, continue to be the victims of budget cuts \u2062and diminished state resources. In the meantime, the\u200b ultra-rich continue to accumulate wealth,&#8221; she stated. &#8220;If our leaders do not intervene, the\u200b affordability crisis in New York \u200bwill \u2064only \u200bget worse.&#8221;<\/p>\n<\/blockquote>\n<p>The advocacy group highlights that New York has \u2063one of the highest concentrations of ultra-rich households in the nation, with <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/mnuchin-600-stimulus-payments-could-be-deposited-starting-tonight\/\" title=\"Mnuchin: 0 Stimulus Payments Could Be Deposited Starting Tonight\">individuals earning<\/a> $30 million collectively holding $7 trillion in wealth. However, they argue that the rich are not paying their &#8220;fair share&#8221; of taxes.<\/p>\n<p>While Governor Kathy Hochul, a Democrat, has pledged not \u200dto raise taxes in her upcoming executive budget proposal and has rejected previous efforts to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/10-ways-to-reduce-high-energy-prices-that-wont-cost-taxpayers-740-billion\/\" title=\"10 Ways To Reduce High Energy Prices That Won\u2019t Cost Taxpayers 0 Billion\">impose higher taxes<\/a> on the state&#8217;s wealthiest, \u200dsome Democratic lawmakers are determined to push for increased taxes on the wealthy in the upcoming legislative \u200bsession.<\/p>\n<p>New\u200b York is projected to face a \u200d$4 billion deficit in the next fiscal year&#8217;s budget, leading economists to suggest cuts to programs and services.<\/p>\n<p>In 2021, former Governor \u2063Andrew Cuomo raised the state&#8217;s tax \u200brates for the \u200cwealthiest\u200d New Yorkers. Individuals earning between $5 million and $25 million are now taxed\u2064 at 10.3%, while those making over $25 million are taxed at 10.9%. New \u2062York City\u200b residents with income above these thresholds pay between 13.5% and 14.8%,\u2062 including the city&#8217;s 3.88% top income-tax rate.<\/p>\n<p>Critics argue that these higher rates have driven wealthy New Yorkers out of the state. An analysis by New York City&#8217;s Independent Budget Office revealed an 11% decline in the number of taxpayers earning \u2063between $1 million and $5 million in 2020 compared to the previous year, \u200bas top earners sought refuge in other states.<\/p>\n<p>A 2023 report by the Tax\u200b Foundation cautioned against taxing the rich \u200cto generate revenue, \u2062stating that\u2064 it could hinder investment and\u200b drive away entrepreneurs and innovators.<\/p>\n<p> <\/p>\n<h2> \u200dWhat does the Siena poll reveal about the\u200d support for increasing taxes on the highest earners in New York<\/h2>\n<p><span>  Better future for themselves and their families, understand that the \u2064burden of funding our government and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/recalling-governor-newsom-can-restore-californias-promise\/\" title=\"Recalling Governor Newsom Can Restore California\u2019s Promise\">providing essential services<\/a> should fall on those who can most afford \u200cit,&#8221; \u2063Martinez-Class said.<\/p>\n<\/blockquote>\n<p>The push\u2063 for a wealth tax has gained traction among Democratic lawmakers in New York, \u200bwho argue that \u200cit is necessary to address the state&#8217;s fiscal challenges\u200c brought on\u2063 by the COVID-19 pandemic. \u2062The pandemic has resulted in\u200b a significant decrease in tax revenue and an increase in the demand for critical services. Advocates of a wealth tax believe that\u200d it can generate \u200cmuch-needed revenue to fund programs such as education, healthcare, and \u2063infrastructure improvements.<\/p>\n<p>Opponents of the wealth tax argue that it could potentially \u200clead to millionaire flight, with high-earning\u200d individuals leaving the state to avoid paying higher taxes. They also\u200c claim that increasing \u2064taxes on the\u2064 wealthy could have a negative impact on the economy, potentially stunting job creation and economic \u2063growth.<\/p>\n<p>Despite these concerns, the Siena poll shows \u2062that a \u200cmajority of New York voters still support\u2064 raising taxes on the \u200chighest earners. This support is consistent \u200bacross party lines, with 71% of Democrats,\u200c 54% of Republicans,\u200d and 65%\u2063 of Independents in favor of increasing\u200b taxes for the top 5% of earners.<\/p>\n<p>The poll also highlights that concerns \u2064over millionaire flight and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/alaska-republicans-want-to-give-residents-1300-to-cover-energy-costs\/\" title=\"Alaska Republicans Want to Give Residents ,300 to Cover Energy Costs\">negative economic effects<\/a> do not outweigh the desire to address the state&#8217;s budget shortfall and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/exclusive-europe-braces-for-mobile-network-blackouts-sources\/\" title=\"Exclusive-Europe braces for mobile network blackouts \u2013 sources\">maintain critical services<\/a>. Voters recognize \u200dthe importance of \u2064funding public programs and believe that those who have benefited the most from the system should contribute a \u200blarger share.<\/p>\n<p>Lawmakers in \u200cNew York are now faced with the task of turning this popular sentiment into actionable legislation. The fate of a wealth tax will depend \u2062on their ability to address the concerns raised by\u200c opponents while effectively communicating\u2063 the benefits of increased revenue for public programs and services.<\/p>\n<p>Overall, the Siena poll highlights the overwhelming support among New York \u2064voters for raising taxes on\u2063 the state&#8217;s highest earners. This sentiment represents a growing belief that the burden of funding essential services should be placed on \u2062those who can most afford it. The coming months will reveal whether this support translates into concrete\u2062 legislative action, paving the way for a wealth tax in New \u2062York.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>That taxes should be increased for the highest earners in New York. This poll comes as Democratic lawmakers plan to advocate for a wealth tax. The independent Siena poll, conducted for the Invest in Our New York campaign, reveals that a majority of voters, 74%, support this proposal<\/p>\n","protected":false},"author":1,"featured_media":2144102,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-2144101","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2144101","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2144101"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2144101\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2144102"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2144101"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2144101"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2144101"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}