Elected Officials, Community Advocates, and Labor Leaders Urge Governor Hochul to Prioritize the Needs of Everyday New Yorkers Over the Interests of the Ultra-Rich in the FY 2025 Budget
ALBANY, NY - Elected officials, community advocates, and concerned residents from across New York State converged on the Capitol today to demand the very wealthy and highly profitable corporations pay their fair share in taxes, and increased investment in essential public services. Led by the Invest in Our New York Campaign, participants called on legislative leaders to hold the line, and for Governor Hochul to come to the table and negotiate in good faith to enact a budget that reflects the values of fairness, equity, and justice for all New Yorkers.
The Senate and Assembly proposed modest tax increases on the wealthiest 0.3% of households and the most profitable 0.1% of corporations. These measures aim to generate billions of dollars in new public funds, which would be invested in critical areas such as public education, healthcare, housing, and more. In contrast, Governor Hochul's executive budget includes cuts to essential services while favoring the interests of millionaires and corporations, directly contradicting the values of her legislative colleagues and the broader Democratic Party — including President Joe Biden.
“Governor Hochul has chosen to stand with a tiny group of millionaires and billionaires rather than working families.s. In doing so, she has abandoned not only her own party but the overwhelming majority of New Yorkers," said Carolyn Martinez-Class, campaign manager of Invest in Our New York. “We stand united in our demand for a budget that prioritizes the well-being of all New Yorkers, not just the wealthy few. It's time for Governor Hochul to join the legislature in championing common-sense, popular tax increases on the ultra-rich that will allow us to make lasting investments in our social safety net..”
The legislature's tax proposals are broadly popular among New York voters. A January Siena Poll found that 71% of respondents said the state should raise taxes on profitable corporations and the top 5% earners.
The diverse coalition of organizations represented at the Day of Action, including Invest in Our New York, Alliance for Quality Education, Citizen Action of New York, Labor-Religion Coalition, Make the Road NY, New York Communities for Change, New York Working Families Party, and VOCAL-NY, echoed these sentiments, emphasizing the urgent need for systemic change.
"I stand firm in my commitment to a budget that echoes the heartbeat of New York, pulsating with the promise of equity and opportunity. Alongside the Invest in Our New York campaign we advocate for a fiscal blueprint that harnesses the power of fair taxation, charting a course towards fiscal justice while fortifying the foundation of opportunity for all,” said Senator Robert Jackson, lead Senate sponsor of the Invest in Our New York Progressive Income Tax bill. “My Progressive Tax Bill is a step towards that goal, ensuring the ultra-wealthy contribute their fair share. Let history remember us as architects of a budget that not only balances the books but also enriches the lives of our citizens, ensuring prosperity for generations to come."
Assemblymember Sarahana Shrestha, co-lead Assembly sponsor of the Invest in Our New York Corporate Tax bill said, “New York’s economy continues to grow, as of 2023 its GDP was over $2 trillion, but the budget isn’t growing with the economy. In fact it’s been shrinking relative to it. That means the rich are getting richer, but we’re making life more difficult for the rest of us. Over the Covid years alone, New York gained 17,500 new millionaires while households with income of $280,000 or less left in record numbers. That shows who our economic policies are favoring the most. For our budget to be a just budget, a fair share of our growing economy must continually come back to New Yorkers in the form of public investments.”
"As we start wrapping up budget negotiations, we must stand strong to make billionaires and wealthy corporations pay their fair share so we can invest in our schools, build affordable housing, fully fund our hospitals, protect our environment, and uplift New York families," said Senator Gustavo Rivera, lead Senator sponsor of the Invest in Our New York Capital Gains Tax bill. "I'm proud to stand with a strong coalition and the majority of New Yorkers to make sure we demonstrate Albany's commitment to an affordable state for working class New Yorkers and address the rampant inequality facing our State."
“As elected officials, we have a responsibility to create and pass a budget that meets the needs of all New Yorkers. This year's Assembly one-house budget features a small tax increase on New York’s millionaires, billionaires, and most profitable companies. This tax increase will enable us to fund lasting investments in critical programs supporting housing, education, and more. The proposed tax increase will not impact middle-class families and small businesses. Instead, they will begin to address the growing wealth inequality that exists in our state. We must hold firm during budget negotiations and #TaxTheRich,” said Assemblymember Marcela Mitaynes.
“As we approach the critical juncture of New York State's FY2025 budget, I stand united with my colleagues in the Senate and Assembly in our push for a fairer, more equitable tax system,” said Assemblymember Steve Raga. “We are advocating for modest increases in taxes on those who can most afford it—our millionaires, billionaires, and most profitable corporations—to fund essential services and address the deep economic inequalities that plague our state. It's time for Governor Hochul to join us in this fight for justice, to ensure that we pass a budget that truly reflects the values and needs of all New Yorkers, especially our working-class families and communities of color who have been disproportionately affected.”
“A vast majority of New Yorkers support raising taxes on the rich and corporations, as do both houses of our state legislature. As the most unequal state in the nation, we must make sure that the final budget reflects the will of New Yorkers and brings in over $2 billion a year for affordable housing, childcare, excellent public schools, and public transit,” said Assembly Member Zohran K. Mamdani.
“I strongly support the Invest in Our New York’s campaign to get our priorities right when it comes to taxes and spending,” said Assemblymember Robert Carrol. That’s why I am the prime sponsor of bills that would eliminate tax breaks for the purchase of private airplanes and yachts (A.1523 and A.1464), but I know these giveaways to the very rich are just the tip of the iceberg. We need to put money into social housing, fully fund our schools and support practices that have been proven to work so all our children can be successful students, ensure that everyone has quality healthcare, and see that everyone is paid a living wage.”
Senator John Liu stated, "The Senate’s budget makes significant investments in the issues that affect working New Yorkers like education, child care, tenant protections, and more. A nominal tax increase on the wealthiest New Yorkers and mega corporations would help make these investments in affordability a reality, and we thank our colleagues and advocates who are fighting for its inclusion in the final budget."
"New York is one of the most economically unequal states in the country, with individuals and families of color making up the highest rates of poverty while over 130 billionaires have increased their wealth. With so many disparities piled on the poorest and most marginalized communities in our state, the wealth gap is taking an incredible toll on New Yorkers, from outrageous housing costs to our failing healthcare system. Big corporations and the 1% earners continue to profit big off the backs of poor Black and Latine, women, LGBTQ, immigrant, and aging populations. Enough is enough. If we are serious about making New York affordable and livable for all New Yorkers, we must pass a corporate tax, extend and expand the progressive income tax to fund public services and address the basic needs of New Yorkers," said Assembly Member Jessica González-Rojas.
“I was happy to join the Invest in Our New York Campaign to call for a budget that increases revenue from the New Yorkers and corporations who can best afford it,” said Assembly Member Harvey Epstein. “Recent reports show that 74 percent of New Yorkers support increasing taxes on the ultra-wealthy and large corporations to improve funding for public programs. This will allow us to reinvest in our communities, shrink the racial wealth gap, and improve affordability for all New Yorkers ”
“States across the country are prioritizing raising more public funds to invest in communities. Washington and Minnesota successfully funded education and social services through progressive revenue raisers. This administration must do everything they can to help protect the health and safety of the public goods most New Yorker’s rely on. By raising revenue from the most profitable corporations we will fund the programs and services working-class people depend on and help reverse New York’s outmigration of the working class,” said Assemblymember Ron Kim, lead Assembly sponsor of the Invest in Our New York Capital Gains Tax bill.
"We have an incredible opportunity to deliver a state budget that invests in everyday New Yorkers. We can generate revenue by making sure that the ultra-wealthy and highly profitable corporations simply pay fair share. The IONY package will foster a more equitable society and make investments in education, public services, housing and more. I stand in solidarity with advocates and colleagues committed to investing in our communities," said Assemblymember Jo Anne Simon.
“Economic wealth is a major challenge in New York State. The Progressive Income Tax bill aims to increase state tax revenues and reduce economic inequality by creating a fair and progressive personal income tax system. By striking a balance between fairness and revenue generation, this tax structure can promote financial stability for all residents, regardless of income level. We must take action to address the rising costs of living,” said Assemblymember Demond Meeks, lead Assembly sponsor of the Invest in Our New York Progressive Income Tax bill.
Senator Brad Hoylman-Sigal, lead Senate sponsor of the Invest in Our New York Corporate Tax bill, said: “The New York State Senate is working diligently to pass a budget that supports working and middle class families. By passing a modest tax increase on the wealthiest New Yorkers and raising the corporate tax rate we can restore and enhance critical funding all across the state, including making significant investments in education, housing, healthcare, and closing the racial wealth gap. The proposed tax increases, which are supported by almost three quarters of New Yorkers, will not impact middle class families or small businesses at all. They will, however, allow us to transform our state into a more affordable and prosperous place to live.”
"New York has a moral obligation to provide permanently affordable housing, comprehensive senior services, an enduring environment and progressive policy and interventions at multiple levels,” said Senator Cordell Cleare. “The true beauty of the IONY package of bills is that it pays for all of these just and necessary causes in full through very modest changes to our fiscal policy. Both IONY proposals that we included in the Legislative One-House Budgets must be enacted in the final FY 2024-25 Budget.”
“We must pass a budget that reflects the needs of all New Yorkers,” said Senator Jeremy Cooney. “I’m proud to join Invest In Our New York in calling for sustained investments into our healthcare, education, housing, and workforce development as we lead the way toward a more affordable and prosperous New York.”
“It is crucial that we make investments in key areas like housing, education, and healthcare to support average New York residents. By implementing a small tax rate increase on the wealthiest individuals and corporations, we can create a more just and equitable future for our state,” said Assemblymember Fred Thiele. “This proposal would ensure that the wealthy pay their fair share, while 90% of New Yorkers would still see their lowest income tax rate in 60 years. I stand with the Invest in Our New York Campaign for the adoption of a state budget that truly serves the people."
"In our response to the Governor's proposed State Budget, the Assembly has called for stepped tax increases for those earning more than $5 million annually. This is revenue that New York needs to invest in our public schools, housing, infrastructure, health care, public safety, and those essential programs that assist our most vulnerable residents. As we work toward a final budget, we in the Assembly majority are committed to keeping our communities affordable and vibrant, and our State thriving,” said Assemblymember MaryJane Shimsky
"The well-being of New York State relies on the working class, but in recent years, far too many families have been forced to flee because of the high cost of living. As we approach the state budget deadline, it is urgent that we prioritize the needs of everyday New Yorkers and not cater to the demands of multi-millionaires and billionaires," said Assemblymember Linda B. Rosenthal. "Requiring the wealthiest individuals and corporations to pay their fair share will have a minimal impact on their pockets, but would make a world of difference for those who need it most. Delivering tax equity is an investment in our communities and would go far in addressing the income inequality plaguing our state."
"As a member of the New York State Assembly, I stand firm in advocating for a budget that prioritizes the needs of working-class individuals and families. By implementing modest tax increases on the wealthiest New Yorkers and most profitable corporations, we have the opportunity to address the alarming economic inequality that plagues our state. These proposed revenue raisers, which will not burden middle-class families or small businesses, are essential steps towards closing the racial wealth gap and ensuring a more equitable future for all New Yorkers. It's imperative that we seize this moment to deliver real change and invest in the vital programs and services our communities rely on. Governor Hochul must join us at the table to make this vision a reality in the FY2025 budget,” said Assemblymember Al Taylor.
“The importance of fair taxation in New York state has taken on new urgency in recent years. As the stock market, corporate profits, and billionaire wealth surges, countless families in my district are still struggling to pay the bills, buy groceries and afford rent,” said Senator Samra Brouk. “ I am proud to advocate for a budget that includes funding to support housing, education, transportation, and healthcare initiatives that help the New Yorkers who need it most. Paying your fair share of taxes strikes right at the heart of fundamental fairness in a democracy.”
"An overwhelming majority of New Yorkers want us to raise taxes on the wealthiest individuals and corporations, and invest in making life in our state more affordable, sustainable and dignified. We can do that in this state budget—if the Governor doesn't listen to the big donors trying to hamstring her agenda. Let's deliver for working people,” said Assemblymember Emily Gallagher.
“I am proud to support and co-sponsor every bill in IONY’s robust legislative package. These vital policies would increase investment in our schools, healthcare, and climate-resilient infrastructure. As working-class New Yorkers face an affordability crisis, we cannot afford to respond with half-measures. IONY and I are rallying for a budget that will lift our state, and we are determined to get the job done,” said Assembly Member Rebecca A. Seawright
"Black, brown, and working class families are leaving New York in search of more affordable living in other states. If we want to build a New York where families can afford to live, we need to raise taxes on the ultra rich and invest in housing, child care, and higher education. We applaud our leaders in the State Senate and Assembly for including higher taxes on the ultra wealthy and large corporations in their one-house budgets. Now it's up to Governor Hochul to listen to the overwhelming majority of New Yorkers who want to see the wealthy pay their fair share," said Jasmine Gripper, Co-Director of the New York Working Families Party
"Governor Hochul should work with legislative leaders, unions, community groups, and our faith communities to pass policies that will boost affordability for millions statewide: affordable housing construction, direct aid to individuals struggling without homes, funding for child care, public education, and healthcare, and new tax credits for working families to help make ends meet. Three out of four New Yorkers support an agenda like this -- it’s really popular, it’s good economic policy, and it's essential to a just budget that works for all of us," said Charles Khan, Deputy Director, Strong Economy For All Coalition
"New York State has a real opportunity to address deep inequities in our state. And we know that communities of color have been most impacted by these inequities – white New Yorkers earned nearly five times more than Black New Yorkers and three times more than Latinos in 2022," said Juanita O. Lewis, Executive Director of Community Voices Heard, the largest Black-led organizing institution in New York State. "In the past decade, the number of Black families in New York has decreased. Many folks simply can’t keep up with the increasing cost of raising a family in New York. By taxing the ultra-rich to fund services that working-class people rely on, we can move toward closing the racial wealth gap in our state."
Zakiyah Shaakir-Ansari, co-Executive Director of Alliance for Quality Education said, "Governor Hochul's budget isn't cutting it for our kids and communities. We don't need to make cuts to vital programs and services, we need to make sure that billionaires and corporations are paying their fair share. We urge the Senate and Assembly to hold the line, not back down. Our kids and the future of this state depends on it."
"This is Holy Week in my faith tradition. It's hard to think of a more appropriate observance than joining with hundreds of my neighbors to demand the wealthy pay what they owe so that poor and working class communities can have the kind of housing, healthcare and education that we deserve," said Rev. West McNeill, Executive Director, Labor-Religion Coalition of NYS
“We stand with Invest in Our New York in thanking the Senate and Assembly for including progressive revenue proposals in their One House budgets,” said Rosemary Rivera, Executive Director of Citizen Action of New York. “To provide much-needed support to low-income and working-class New Yorkers, we must begin with the ultra-wealthy contributing their fair share and seize this crucial opportunity to invest in our communities. Governor Hochul has got to take meaningful action for everyday New Yorkers in this budget—cutting funds to our schools, hospitals, and environmental infrastructure has never and will never be the solution to New York’s affordability crisis.”
“New York’s wealth inequities and lack of affordability fall most heavily on Black and brown people. We need a state budget that focuses on people, not big businesses, that makes lasting investments in affordable housing, city schools, child care, and more. New York has the resources; we can afford these investments that will help both low and middle-income communities thrive. The people support meeting community needs through taxing the wealthiest individuals and most profitable companies, and we thank the Senate and Assembly for taking steps in that direction. Now is the time for their leaders to stand firm in negotiating with the governor, and for the governor to listen to the will of the people. Budget justice is racial justice,” said James Thompson, Elders & Allies to Free the People Rochester
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