Invest In Our New York Act
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The Invest In Our New York Act was a proposed New York State legislative package of six bills introduced in February 2021. The bills were to increase the personal income tax rate, impose an unearned income surcharge on capital gains, and raise the corporate tax rate.[1][2][3] They did not pass in the 2021-2022 NYS budget.[4]
The legislation was backed by a coalition of over 100 different unions, community groups, and grassroots organizations, including the Democratic Socialists of America.[5][6]
According to a report by the coalition, the new tax code could raise as much as $12 billion to $18 billion.[7] Supporters said that the increased revenue would be spent on jobs, housing, public education, and healthcare.[5] The coalition believed the money would aid the recovery of the state of New York from the economic crisis caused by the COVID-19 pandemic, help close budget deficits, and rebuild New York's budget.[8]
References
[edit]- ^ "Long Island Legislators Solages and Ramos and Advocates Launch "Invest in Our New York Act"".
- ^ "Local legislators voice support for "Invest in Our New York Act"". WHAM. January 7, 2021.
- ^ Bellafante, Ginia (26 February 2021). "Is New York Finally Ready to Tax the Rich?". The New York Times.
- ^ Songalia, Ryan (6 April 2021). "Several Queens Legislators Call for Big Tax Hikes on the Wealthy, More Modest Tax Increases Likely". Astoria Post. Retrieved 11 April 2021.
- ^ a b "New Coalition Urges Cuomo to Raise Taxes on Wealthy". TAPinto.
- ^ Davey, Emma (30 March 2021). "What You Need to Know About the "Invest in Our New York Act"". Greenpointers. Retrieved 11 April 2021.
- ^ Slattery, Denis. "As N.Y. faces COVID-caused financial crunch, lawmakers and grassroots groups push to make the wealthy pay higher taxes". nydailynews.com.
- ^ "Assemblymember Anna Kelles supporting unprecedented 'Invest In Our NY Act'".