AOC calls on Cuomo, de Blasio to raise NY taxes: reportSeptember 23, 2020
New Jersey governor raising ‘millionaire’s tax’
FOX Business’ Lauren Simonetti on New Jersey Gov. Phil Murphy’s plan to hike taxes for the wealthy.
New York Democrat Rep. Alexandria Ocasio-Cortez is urging Empire State lawmakers to raise taxes, despite opposition from Gov. Andrew Cuomo.
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Ocasio-Cortez called on Cuomo and New York City Mayor Bill de Blasio to increase rates as the state battles a massive coronavirus-induced multi-billion-dollar budget hole.
“I’m calling on Mayor de Blasio and Gov. Cuomo to raise revenue to fund universal child-care programs, significantly increase staffing at schools and fund the infrastructure improvements, including ventilation, that our school buildings need to be safe,” Ocasio-Cortez said in a statement obtained by The New York Post on Wednesday.
A spokesperson for Ocasio-Cortez did not immediately return FOX Business’ request for comment.
WHAT NJ MILLIONAIRE'S TAX MEANS FOR YOUR FINANCES
De Blasio has said he is not opposed to raising rates on the city’s wealthiest residents – though Cuomo has expressed resistance.
The three-term Democratic governor acknowledged many of the city’s wealthiest residents have left Manhattan during the pandemic. A tax hike could mean some of these individuals will not return.
Moving executives told FOX Business that the exodus from New York City during the past few months has been “insane.”
And many of the residents who have left belong to higher-income brackets. United Van Lines CEO Marc Rogers told FOX Business that the majority of residents moving out of Manhattan, 61 percent, are earning over $100,000.
NEW YORK’S WEALTHY TAXPAYERS MAY NOT RETURN, CUOMO FEARS
A number of cities and states have considered tax increases as lawmakers throughout the U.S. contend with swollen budget deficits.
New Jersey recently approved a millionaire’s tax, which would raise marginal rates to 10.75%, from 8.97%, on people with incomes above $1 million.
The higher rate is currently applied to those earning more than $5 million.
The Nashville City Council approved a budget that contained what it acknowledged would be a “painful” property tax increase on its residents. Colorado and California are also eyeing property tax increases.
San Francisco is considering potentially raising taxes on executive compensation.
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