Bronx Elected Officials to Call for Passage of “Invest In Our New York Act” to Rebuild NY Economy & End Tax Breaks for the Wealthy

Bronx Elected Officials to Call for Passage of “Invest In Our New York Act” to Rebuild NY Economy & End Tax Breaks for the Wealthy

By Robert Press

 
With New Yorkers hurting due to the pandemic,  over 1.4 million New Yorkers are facing eviction, 60% of New Yorkers have lost income, 1.2 million New Yorkers are uninsured, and 25% of NYC residents face food insecurity. That was the battle cry of Congress members Alexandria Ocasio-Cortez and Jamaal Bowman, State Senators Alessandria Biaggi and Gustavo Rivera, and Assembly members Amanda Septimo, Nathalia Fernandez, Karines Reyes, Kenny Burgos, and Jeffrey Dinowitz. All the Bronx Progressive Democrats stood outside the Jewish Community Council Food Pantry on Holland Avenue with its Executive Director David Edelstein, who said that his food pantry services hundreds of people who wait on line during the current food insecurity crisis.
 
The elected officials (all but one) are in their second terms or were just elected last year, and spoke of the years these bills have not been passed in Albany by previous legislators they succeeded. They called for the state legislature to pass the 'Invest in our New York Act' which could raise $50 billion in new revenue by ending tax breaks for the wealthiest New Yorkers. It would prevent cuts to public programs and invest in high quality education, jobs, housing, healthcare and more. It would also ensure revenue benefits the most vulnerable communities including low-income New Yorkers, communities of color, workers excluded from federal unemployment and essential workers.
 
The Invest in our New York is a total of six bills. 
Bill #1: Progressive Income Tax, Creates an equitable tax system where New Yorkers pay a higher rate if they earn significantly more money. Raises: $12-18 billion.
Bill #2: Capital Gains Tax, Taxes income from investments like stocks the same as wages. Raises: $7 Billion.
Bill #3: Heirs’ Tax, A progressive tax on large sums of inherited wealth. Raises: $8 billion.
Bill #4: Billionaires’ Tax, A Billionaires’ tax and a Constitutional amendment to allow an additional tax on wealth. Raises: $23 billion in the first year, $1.3 billion per year thereafter.
Bill #5: Wall Street Tax, A small tax on Wall St. financial transactions. Raises: $12-29 billion.
Bill #6: Corporate Tax, A bill to repeal the Trump tax cuts, by restoring taxes on the profit a corporation makes each year . Raises: $9 billion. 
 
Opponents of these six bills say that it would drive some of the 120 billionaires New York has to move to other states. They also say that it may affect the philanthropy of the billionaires if they have to pay more taxes, institutions or programs they donate money to could suffer. 
 
 
Photo 1 - Congresswoman Ocasio-Cortez speaking.
 
Photo 2 - State Senator Biaggi reading her speech.
 
Photo 3 - Bronx Jewish Community County Executive Director David Edelstein speaking of the hundreds of people his pantry helps.
 
Photo 4 - Newly elected Assemblywoman Amanda Septimo answers a question from a reporter on 'Invest in our New York', with several other elected officials looking on.