In this episode we discuss proposals to raise taxes on ultra-millionaires and billionaires in NYS. COVID-19 has both created and exacerbated economic crises for millions of New Yorkers, and New York faces a $15 billion budget shortfall this year, with tens of billions of dollars expected in shortfalls for years to come if things do not change.

To combat these issues, a growing group of NYS Legislators is proposing bills to raise taxes on the wealthiest. The Invest in Our New York Act combines many of these bills, including: (1) establishing more of a progressive income tax structure by raising the tax rates on those making around $300,000 a year or above, (2) increasing the capital gains tax to tax capital gains similarly to income, (3) increasing the "heir's tax" to ensure the exorbitant intergenerational wealth of the state's wealthiest is subject to fair taxation, (4) establishing a billionaire's tax specifically aimed at fairly taxing New York's 120 billionaires collectively worth over $600 billion, (5) increasing the corporate tax to the level seen before the 2017 Tax Cuts and Jobs Act, and (6) establishing a tax on financial transactions in the financial markets, similar to what's seen in other financial centers like London and Hong Kong. If passed, these efforts would raise over $50 billion for New York State, helping fund social services for ALL New Yorkers.

Thanks for joining us.