Group Urges NY to Tax the Rich to Help State’s Budget Crunch, Local Biz Group CEO Says That’s a Bad Idea

Forget about marijuana…New York can get its money from millionaires! More than four-dozen New York millionaires are asking state lawmakers to increase their taxes to help the state recover from the economic impact of the pandemic. Mike Lapham is with the Responsible Wealth Project and says raising taxes on high-income earners, corporations, and stock sales, for example, is a good start…

Some argue that, if taxes are raised on the rich, they’d move to a state with lower taxes. Rockland Business Association CEO Al Samuels says more than a million people have left New York State in the past decade, and that number has to turn around…

Lapham, however, says taxing those who can afford to pay would reverse decades of growing economic inequality….

To learn more about the Responsible Wealth Project, visit www.ResponsibleWealth.org.

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