A Regressive, Billionaire Budget in Action
In response to a new analysis of Governor Hochul’s regressive payroll tax, Invest in Our New York Steering Committee member Rebecca Garrard released the following statement: “It’s only been twenty days since the state budget was passed and we are already witnessing what we fought so hard against sadly come to fruition: working-class communities of color will bear the brunt of Governor Hochul’s regressive, billionaire budget. “This morning, the Fiscal Policy Institute released an analysis of the recently enacted payroll mobility tax rate increase imposed on New York City businesses and workers. Their analysis shows a 69% increase, an additional $288 million, in funds generated from the payrolls of workers of color. “Lawmakers had the chance to generate long-term, reliable public funds by modestly increasing taxes on the most profitable corporations and wealthiest New Yorkers. This would have not only raised the $800 million allegedly brought in by Governor Hochul’s regressive payroll tax –– there’d be additional resources available to fund critical services such as the Housing Access Voucher Program. Instead, working-class and low-income New Yorkers will struggle to keep a roof over their heads while rent prices continue soaring. “With just nine days left in the legislative session, it is incumbent upon the Senate and Assembly to do everything they can to help New Yorkers make ends meet. Their health, safety, and dignity depend on it.”
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