May 3, 2018. Jumaane Williams, the New York City councilman and progressive activist who’s seeking to unseat Lt. Gov. Kathy Hochul in September’s primary, wants the state to end Gov. Andrew Cuomo’s 2 percent spending cap and increase taxes on the rich. Williams suggested a number of new taxes or fees targeting the state’s wealthiest residents to generate an estimated $20 billion in new revenue to fund education, transportation, environmental remediation, public housing and health care. The Fiscal Policy has long pushed to increase taxes on the super wealthy to cover revenue gaps and adequately fund government services and programs.

The analysts at the left-leaning Fiscal Policy Institute disagree [with the comment from the Citizens Budget Commission], citing studies indicating that overall, the mega-rich did not become more likely to leave New York since the implementation of the millionaires’ tax in 2009.

“In fact, we’ve seen an increase of millionaires — so if they are leaving, they are being replaced by other millionaires,” FPI director Ron Deutsch said. “They are invested in their communities and various philanthropic opportunities, and frankly people want to be in New York.”

Here is the link to The Times Union.