March 8, 2017 – Fiscal Policy Institute Holds Information Session
ELMIRA, N.Y. (18 NEWS) – The Fiscal Policy Institute, a group affiliated with the labor movement offered an information session on the state budget at Catholic Charities in Downtown Elmira on Wednesday.
One major issue discussed was the millionaires’ tax, which is set to expire at the end of this year. State legislators can let it expire, extend it as is, or expand it.
The Fiscal Policy Institute claims expanding the millionaires’ tax would largely affect downstate taxpayers, but would benefit upstate taxpayers. They said expanding the tax could providing more funding for things schools, hospitals and healthcare.
“Given the fact that New York has the greatest income inequality of any state in the country and the wealthiest 1% New Yorkers tend to pay a much smaller percentage of their income in state and local taxes than do the middle class and the working class in this state,” Ron Deutsch. “So we think there’s room to expand the millionaires’ tax.”
Deutsch said expanding the millionaires’ tax would both address income inequality and the unmet needs across the state. Despite claims that taxing millionaires would drive them away, Deutsch said 33 percent more millionaires are living in New York since the tax was put in place.
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