As Legislative Session Starts, Sides Square off on Taxing the Rich

January 3, 2018. The two sides of what will likely be an overarching debate during the 2018 legislative session were on display Tuesday with progressives calling for an increased millionaires’ tax and conservatives saying that existing taxes should be phased out as scheduled to prevent a further exodus of Empire State residents.

We should be looking at a new top rate for the billionaires or those making $100 million, According to Ron Deutsch, executive director of the labor-backed Fiscal Policy Institute.

He was among the speakers at the 29th annual “People’s State of the State” gathering outside the Capitol when an array of progressive groups laid out their wish list for the coming year.

Players on both sides, for instance, believe the money being spent on economic development might be better used for balancing the budget.

There’s money there that we can redirect,” Deutsch said of the grants and tax cuts being offered to lure business to New York.


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