In response to budget resolutions announced today by the Assembly and Senate, Invest in Our New York released the following statement:
“We applaud the New York State Senate and Assembly for heeding the call of a majority of New Yorkers by including one-house budget proposals to raise taxes on millionaire earners and the most profitable corporations doing business in our state. These budget resolutions demonstrate a commitment to closing the racial wealth gap, bringing equity to our tax system, and making long-term, sustainable investments in supporting working-class and low-income New Yorkers so they no longer struggle to make ends meet.
“Recent polls have consistently shown that individuals and families across the state recognize the importance of ensuring everyone pays their fair share, especially those who have benefited the most from our society's resources and opportunities. The unaffordable cost of living is driving the working and middle class out of New York, especially Black and brown New Yorkers, while millionaires and billionaires become even wealthier. Now is the time to reverse that trend.
“By raising taxes on the ultra-rich, we will generate much-needed, recurring public dollars to adequately fund crucial state programs that benefit working-class families — and maintain that funding in the long term. Ensuring the super-rich pay their fair share means we can start housing every New Yorker, transition away from dangerous fossil fuel energy, provide public school students with the support they need, and more.
“We strongly urge Governor Hochul to finally come to the table and work with legislative leadership to generate billions of new public dollars for our communities and include the Senate and Assembly’s proposed increases on the ultra-rich and highly profitable corporations in the final FY 2025 budget agreement.
“At a time when the leader of the Democratic Party, President Biden, is calling for fair taxes, New York can send a powerful message that demonstrates lawmakers are committed to creating a more affordable and equitable society for all of its residents, not just the wealthy few. It's time to put working-class families' needs first and ensure everyone contributes their fair share to New York’s prosperity.”
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