""It's really clear that a modest tax increase on millionaires - like the Fair Share Act - is just vastly preferable to the alternative, draconian budget cuts that are going to hit families hard.""
""The tax would only apply to reported income over $1 million, meaning someone earning $1.5 million would pay an additional $10,000 in taxes, while someone earning $2 million would pay an additional $20,000 in taxes.""
""Lawmakers in Albany have consistently shifted costs onto the city, which can't keep up with the city's rapid economic growth.""
The Groundwork Collaborative supports Mayor Mamdani's millionaire tax proposal, advocating for a 2% tax on incomes over $1 million. This tax aims to balance the budget and address future shortfalls, projected to raise $4 billion annually. The Fair Share Act, which would impose this tax, counters the myth of 'millionaire flight' and is seen as a preferable alternative to severe budget cuts. Experts highlight the historical context of budget gaps due to state cost-shifting and inadequate funding for essential services.
Read at QNS
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