CNY Solidarity Coalition

United in defense of our community and our neighbors

Invest in Our New York

Invest In Our New York Act

This could be our most consequential effort over the next two months:

Invest in Our New York is a campaign seeking to tax New York’s wealthiest residents. The six bills proposed by the state-wide coalition will raise between 50 and 75 billion dollars in annual revenue, and our goal is to include all six in the state budget as it is negotiated over the next few months.

More than 90% of New Yorkers –  across political parties – agree: We should tax the rich before cutting services. 

Our leaders must act this year to:

  • Stop giving the wealthiest tax breaks and start requiring their stronger participation in the common good through fairer assessments on their income and wealth (4 bills)
  • Make big business and Wall Street contribute a fraction of what they gain from operating here, through small fees on financial transactions and offsets to their windfall from Trump’s 2017 tax cuts (2 bills)

It is our job to reach out particularly to Senators May and Mannion, and Assembly members Hunter, Magnarelli, and Stirpe, as well as the Governor’s office. 

Learn more and sign the petition: http://investinourny.org

Updates

The one-house budgets from the Senate and Assembly are now complete. They show substantial movement toward a more equitable tax structure, but not as much as we are asking for. Our work will continue. 

Here’s a summary: https://spectrumlocalnews.com/nys/rochester/ny-state-of-politics/2021/03/15/state-lawmakers-call-for-new-taxes-on-rich-new-yorkers

  • $7 billion in new revenue 
  • Increase top income tax rate from 8.82% to 9.85% for single filers who earn more than $1 million and couples who file jointly earning more than $2 million.
  • Two new tax brackets for those who earn between $5 million and $25 million, reaching 10.85% and 11.85% for those who earn more than $25 million. $4.3 billion in new revenue.
  • Add a 1% surcharge for capital gains for those who earn more than $1 million annually, generating $700 million. 
  • A new 18% surcharge for corporate franchise taxpayers, corporate utility taxpayers, and insurance taxpayers.
  • A 1% tax on income from capital gains, as well as an increase in the corporate franchise tax by 3%. 
  • Reintroduction of the capital base test for corporate franchise tax, leading to $151 million for the state.

Please notice that none of these increases affect middle and working class families – only the very wealthiest, who have seen repeated tax cuts at the federal and state level over the last forty years!

At this time, the budget process will be moving to the “three people in a room” stage. Negotiations will be taking place between the Senate Majority Leader, the Speaker of the Assembly, and the Governor. (Read more about the budget process, here.)

Please call and email these people and demand that the tax increases on the wealthiest New Yorkers go into the final budget!

Andrea Stewart-Cousins, Senate Majority Leader scousins@nysenate.gov  518 -455-2715

Carl E. Heastie, Speaker of the Assembly speaker@nyassemby.gov  – 518-455-3791

Governor Andrew Cuomo – https://www.governor.ny.gov/content/governor-contact-form –  518-474-8390


Upcoming opportunities to learn more and get involved:


Rally for the Invest in Our New York campaign!
Join us for a Solidarity Rally! Saturday March 20th 1PM Syracuse downtown. We plan to come together as excluded workers, educators, tenants, healthcare workers, community leaders, students, and residents to demand a New York State budget that is JUST and puts PEOPLE first. Please mobilize your networks to attend this socially distanced outdoor rally. 

Our hosting organizations: Syracuse Democratic Socialists of America, CNY Solidarity Coalition, Syracuse Peace Council, Campaign for New York Health, Rebirth SYR, Working Families Party Syracuse – Onondaga Club, CNY Poor People’s Campaign, Syracuse Cultural Workers, National Action Network Syracuse Chapter, Workers Center of CNY


Which CNY Representatives support #InvestInOurNY Act?

We want to thank the following legislators for their support:

Pamela J. Hunter, 128th District: HunterP@nyassembly.gov. Co-sponsoring all six of the IONY bills. Please thank her!

Rachel May, NYS Senate Dist. 53: may@nysenate.gov; 315-478-8745. Senator May is co-sponsoring 4 of the 6 IONY bills – Please thank her! She is working on different approaches to the other two issues.  

Resources / Articles

The Socialists vs Andrew Cuomo on The Nation

The truth about millionaires and taxes – New York Daily News

Tax The Rich Campaign Toolkit

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