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Taxing logic


To the editor:

Taxpayers are funding a trillion-dollar Pentagon budget that pays for the Biden administration’s national security policy. It’s disgraceful that President Biden and Congressional Democrats have not fought for a budget that makes peace a priority. Billions of dollars could become available to help cities properly fund vital safety net programs and pay for the care of an increased number of migrants. 

In New York, for example, there is a threatened budget crisis. It’s unfortunate that Governor Hochul and Mayor Adams, given inadequate federal funds, will not even consider increasing taxes on the over 100 billionaires and the tens of thousands of millionaires. Hochul in her State of the State address proposed new programs for crime prevention, health, housing and climate.  Taxing those at the top of the income and wealth ladder would help to pay for these initiatives, reduce income inequality and promote economic justice. 

Adams claims that the city faces a $7 billion gap in 2024 and has implemented an austerity budget with across-the-board cuts (outrage by the public has forced the mayor to rescind some of these cuts). They will disproportionately hurt the most vulnerable New Yorkers, many of whom already face food and rent insecurity, and will also have a negative impact on the middle class.  Averse to discuss taxing the city’s oligarchs, he has asked them to make voluntary donations to the city.  

Hochul and Adams claim that if you tax the rich they’ll leave the city, creating a gaping hole in tax revenues. According to a study by the Fiscal Policy Institute, however, the people leaving the city are the middle class and working class who find it unaffordable. At the same time, the number of millionaires is growing. 

Howard Elterman


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  • reenjoe

    Unfortunately, the working-class folks leaving New York are the ones most opposed to taxing the very wealthy and many of the ones who remain would vote out any politician who raises those taxes.

    For some unknown reason, far too many working stiffs have swallowed the false conservative narrative that taxing wealth at higher rates somehow punishes success and kills jobs. Those who have left NY went to Red states AFTER having earned high wages, lifetime healthcare and pensions in NY, something they could never have done if they had lived in a Red state during their earning years.

    Thursday, January 18 Report this