Statement on President Obama's "Millionaires Tax" Proposal and New York Tax and Revenue Policies

NEW YORK, NY (09/19/2011)(readMedia)-- Below is a joint statement from New Deal for New York, Strong Economy for All Coalition, New Yorkers for Fiscal Fairness, United NY, Alliance for Quality Education, Citizen Action of New York, Human Services Council, New York Communities for Change, Make The Road New York, and Center for Working Families.

We support President Obama's federal tax-reform proposal to assure fair-share tax payments from millionaires and wind down tax cuts for the wealthy. We urge support of these proposals in Washington, and we urge support for similar policies in Albany.

• It's not right for middle-class families to pay higher tax rates than millionaires and billionaires.

The "Buffett Rule" being proposed by the President would make sure that high earning households can't use loopholes and shelters to defeat progressive tax rates currently in place at the federal level.

• And it's not right to cut taxes on the well off when we're in a fiscal crisis.

President Obama is calling for an end to the Bush tax cuts for the rich as part of his deficit-reduction plan, and we support him in this effort. If poor and working people are going to take a hit in tough economic times, it shouldn't be to pay for more tax cuts for millionaires and billionaires.

Fair-share tax policies have the broad support of a majority of Americans – and of a majority of New Yorkers. Closing deficits thorough a mix of some budget cuts and some revenue increases focusing on fair-share taxes on the wealthiest families is just common sense.

We urge Governor Cuomo and the Legislature to take the same steps in Albany as President Obama is taking in Washington:

• Stop the planned $5 billion tax cut for the wealthiest New Yorkers;
• Implement progressive tax reforms that include new brackets on high-end households;
• Restore the worst cuts to schools, human services and local governments;
• Invest in real job creation initiatives to put New Yorkers back to work.