AOC pushes for tax on New York billionaire

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Image credit to foxbusiness.com. Image modified from original.

Representative Alexdria Ocasio-Cortez has recently initiated the new campaign to push Govt. Andrew. M. Cuomo to put tax on billionaire residing in New York and use the money for the people who have been financially hurt by on-going Covid’19 Pandemic situation.

Similar kind of tax structure targeting the wealthy people has been implemented in Albany which was strongly opposed by the Republicans who used to control the State Senate for the long time or by Cuomo, the third-term democrat who has always been well-known for his tax-cutting platform during a long period of time.

But the government has changed. The Democrats have gained the charges of both houses of Legislation in the “Blue Wave” election conduced in 2018. The overwhelming effects of Coronavirus forced the shutdown which has caused the falling short of total $13 billion in state budget.

Jessica Ramon, a state senator of Queens came up with a bill that tax the unrealized capital gain of 119 billionaires of the state. The raised money would be utilized for the workers who do not come under the unemployment insurance coverage or the federal stimulus.

The proposed legislation is one of the three such tax-the-rich bills.

The fact is that even with Democrats having the control of Albany, the measures are still sure to encounter strong opposition from the Republicans and the business leaders.

“If Washington hangs New York State out to dry, then we must consider all our options so that we can take care of our neighbors and our communities, and invest in our long-term recovery,” said Senate Finance Committee Chairwoman Liz Krueger (D-Manhattan). “That means ensuring that those with the most are pitching in their fair share, and those with the least are not made to bear a disproportionate burden.”

On May 1, State Senator Jessica Ramos and other prominent progressives came up with the bill with majority sponsors in Assembly to design a tax on residents with $1 billion or above in assets.

Mr. Cuomo has argued and opposed such bill as he believes that targeting high-earners could drive them out of the state which could jeopardize the tax structure of the state. The Governor’s Budget Director, Robert Mujica also shares the same concern as Mr. Cuomo.

What Mr. Mujica has recently said is very logical-New York has already the highest tax rate for the wealthy in the country. The top two percent of the taxpayers already contributes to the half of the state’s tax liability. When it comes to make them pay more tax, the effective could be enacting the wealth tax on high earners.

According to Mr. Mujica, the congressmen are supposed to push for the state action in Congress but if they are unable to do it then the Federal Government should take things into its hand and provide the right support for the state. Now this is exactly where Ocasio-Cortez plays the vital role as she is the part of coordinated effort that pushes Mr Cuomo that state should act something on it immediately.

“Governor Cuomo, we need you to pass a billionaires’ tax, in order to make sure that we’re providing for our working families,” Ms. Ocasio-Cortez said. “It’s time to stop protecting billionaires, and it’s time to start working for working families.”

The situation is very crucial as on this Thursday 100 immigrant workers started the 24 hours fast and sleep-out near the Fifth-Avenue Penthouse of Amazon’s CEO Jeff Bezos who is also the world’s richest man. On this Friday, the workers are expected to begin a “march On Billionaires” which will end at Mr Cuomo’s Manhattan Office.

Due to this Covid’19 Pandemic situation, the state needs at least $10 billion so that it can sustain the right budget for the education, health and public safety. This is the exact reason state has forced lawmakers to come up with the new taxation plans.

Though one thing is sure that with Republicans no longer in the charge of State Senate, the tax the rich proposal will more likely to pass but still, one big and final obstacle in the process would be Mr. Cuomo as he has already insisted the Federal Government to “Step Up” to help New York.





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