Testimony at the Joint Legislative Public Hearing on the FY 2018 Executive Budget – Taxes

February 7, 2017. Executive Director Ron Deutsch testified before the Senate Finance and Assembly Ways and Means Committees on the Governor’s FY 2018 Proposed Budget and Financial Plan.

Income inequality, as indicated by the richest 1 percent share of total income, has grown substantially since 1980 in New York State as well as nationally. One of the most sensible tools the state has to address the growing income gap in New York is the millionaires’ tax. The proposed extension of the millionaires’ tax will help narrow the gap, and will also help New York continue to support statewide priorities from education to health care. It will restore some of the revenues lost from tax cuts enacted between FY 2013-15 and the middle class tax cuts enacted in 2016. And, most notably, the continuation of the millionaires’ tax will help offset the regressive nature of New York’s overall state and local tax burden, particularly when paired with enhanced low-income tax credits and additional high-end tax brackets. Read more…

PDF of Complete Testimony