Groups Call for $16 Billion in New Taxes

February 15th, 2018

A coalition of progressive groups are calling on the state to enact a package of “fair-share tax proposals” that would target corporations that are benefitting from the recently-enacted federal tax cuts and would add $16 billion annually in state revenues.

The Strong Economy for All Coalition is proposing to close the carried interest loophole at the state level (which would increase state revenues by $3.5 billion annually); close the new pass-through loophole at the state level (over $1 billion annually); provide for federal tax cut clawback for corporations that do not raise employee pay or create jobs; enact an opioid painkiller prescriptions & windfall profits tax (over $1 billion annually); enact a stock transfer tax ($5.5 billion per year); enact new taxes on high earners ($2.3 billion per year); and impose a New York City luxury land tax to fund transit, jobs and climate adaptation ($7 billion annually).

There seems no shortage of ideas to raise taxes on virtually every New Yorker. While some of these taxes would only hit high earning New Yorkers, they (and others) are supporting $7 billion in new energy taxes. Apparently, our high energy tax burdens – which include a gross receipts tax; sales taxes; local property taxes; and local gross receipts taxes – aren’t enough.

We’ve long advocated for reducing energy taxes, which are regressive and serve as drag on the Upstate economy. High energy taxes are a major part of the reason why New Yorkers pay some of the highest energy costs in the nation. Albany should not make that situation even worse.