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ES2 Issues Empire State Economic Security Campaign (ES2) New York is at a crossroads. Like every other state, New York faces serious fiscal challenges. In this crushing recession, families’ needs are rising and the resources to meet them are falling. We need to respond in ways that grow the economy by investing in families and communities across the state. A quality education, affordable healthcare and housing, a healthy environment, a strong safety net and a sound transportation infrastructure are essential ingredients for a strong state economy for all of us, today and in the future. Ours is a tale of two New Yorks…. a New York where the wealthiest 1% of residents receive 35% of all income (in NYC the wealthiest 1% control a whopping 45% of all income) and have seen significant income gains over the last two decades … and another New York where families are living paycheck to paycheck (if they are lucky enough to have a job) and have seen their wages remain virtually stagnant and their services reduced. New York State now has the greatest income inequality of any state in the nation. The economic reality is simple…. if we don’t grow together we will continue to pull apart. We believe the Governor and the Legislature should follow two simple principles:
To Balance the Budget fairly we recommend that the Governor and the Legislature: Not Give Tax Cuts to the Wealthiest New Yorkers Current Personal Income Tax Rate Structure - with temporary top rates (joint filers):
We should also examine adding an additional bracket for income over $1 million per year. Allowing these upper income surcharges to expire would mean a loss of about $5 billion annually to NYS. We must also acknowledge that the wealthiest 1% of New Yorkers are paying far less of their income in state and local taxes (approximately 7 percent) than the bottom 80 percent (approximately 11%). This is unfair and unsustainable. Close Corporate Tax Loopholes and Retool Economic Development Programs Stop Giving Back $14 Billion to Wealthy Wall Street Brokers We need to make sure that the programs and services that so many struggling families in New York rely on are there for them in their time of need. The funding initiatives outlined in the following position papers reflect the needs of New York’s neediest citizens and should be enacted to ensure that struggling families do not bear the brunt of the budget shortfall. |
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Empire
State Economic Security Campaign (ES2) c/o Hunger Action Network of New York State 260 West 36th Street, Suite 504 New York, NY 10018 Phone: 212-741-8192 ext. 0# / Fax: 212-741-7236 info@hungeractionnys.org |
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