Issue Position: Tax the Rich

Issue Position

New York is one of the richest states in one of the richest countries in the history of the world. There is no reason for us to struggle financially. The solution to this issue is taxing the rich, and making them pay their fair share. We must significantly raise taxes for the 1%, luxury housing and Wall Street transactions-- and fund services like universal healthcare, a housing guarantee and free college that we all deserve.

The good folks at Make Billionaires Pay, and a number of true leaders among our electeds in Albany, have a great platform that I am proud to support. Here is a list of just some of the laws I will fight for to slightly raise taxes on the ultra rich-- who'll barely even notice the difference-- and raise hundreds of billions of dollars each year to pay for essential service for New Yorkers:

Billionaire Wealth Tax

New York has 112 billionaires! Billionaires pay almost no tax on the majority of their wealth, which is stashed away in the market as untaxed "unrealized capital gains." Estimated to raise approximately $10 billion each year.

Ultra-Millionaires Income Tax

New York's tax bracket stops at about $1 million per individual, and $2 million per household. By creating more income brackets, and taxing them at higher rates-- $5M (9.32%); $10M (9.82%); and $100M (10.32%)-- we'll raise approximately $2.2 billion each year.

Tax on Yachts and Jets

We must restore the tax on privately owned yachts and jets worth over $235,000-- which was eliminated in the 2015 state budget.

Pied-à-Terre Tax

By increasing property taxes on the mostly-vacant extra homes of the rich, we'll raise approximately $650 million each year.

Vacant Property Tax

Some landlords keep apartments or commercial units vacant for long periods-- keeping those homes and stores off the market, and inflating rent prices. This tax will encourage landlords to rent property quickly and at a lower price, which will help tenants and small businesses.

Eliminate Real Estate Subsidies

Millionaire real estate developers count on state subsidies to build luxury developments-- buildings that most New Yorkers can't afford to live in. By eliminating these wasteful incentives that fuel displacement, we will restore approximately $4 billion to the budget each year.

Corporate Landlord Tax

We must tax private equity loans that huge landlords use to buy buildings, just like we already tax ordinary New Yorker's home mortgages.

"Hudson Yards" Luxury Land Tax

We must recognize that some locations in Manhattan have a unique value in global real estate markets-- and should be taxed accordingly.

21st Century Bank Tax

We must reinstate and improve the Bank Tax, which was eliminated during Repulican control in Albany, and demand that big banks, private equity funds, hedge funds and venture capital firms pay their share of taxes too.

Corporate Tax Reform

By raising corporate tax rates on the biggest companies in New York, we can reduce taxes for small businesses, and raise approximately $1.5 billion for New York each year.

CEO Pay-Gap Tax

We must impose additional taxes on companies that pay their CEOs way more than their average worker (10% tax if CEO makes 100 times more, 25% tax if CEO makes 250 times more).

Stock Transfer Tax

Since the 1980's, New York has allowed stock traders to be "rebated", or given back, the taxes they are required to pay on Wall Street stock transfers. By eliminating the rebate, we can raise approximately $13 billion each year.

Stock Buyback Tax, aka "Corporate Greed Tax"

By taxing corporate CEOs who buy back stock from the open market to drive up their company's value, we can raise approximately $3.2 billion each year.

Carried Interest Fairness Fee

By closing loopholes which let hedge fund managers categorize a big part of their income as "capital gains"-- meaning it gets taxed at a much lower rate-- we will raise approximately $3.5 billion each year.

Digital Advertising Tax

Even though digital ads are everywhere, New York does not currently tax this huge business. Estimated to raise approximately $700 million each year.

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