Countering Budget Cuts
Information against the budget cuts.
“The real crisis in New York State is a revenue Crisis, not a deficit crisis. The state would have $17 billion more in revenue in this year’s budget alone-eliminating all need for discussion of budget cuts-if it had simply restored the income lost to the tax cuts enacted between 1994 and 2005. Over the past thirty years, New York has cut the tax rate on their top income bracket in half-from 16.4% to 6.85%.”
“Today the poorest New Yorkers, those earning $15,000 or less a year, pay 12.6% of their income in state and local taxes, while those earning $1.6 million or more pay only 6.5%.”
“CUNY students…have seen their tuition rise by 107 percent since 1991-2.”‘
Barbara Bowen’s testimony on the CUNY budget before the NYS Senate Finance Committee and Assembly Ways and Means Committee on January 15th is actually pretty informative.
“Over the last 30 years, New York has reduced income tax rates on the wealthiest New Yorkers by more than 50%, and has replaced this lost revenue by implementing more regressive taxes and fees that disproportionately impact low- and moderate-income New Yorkers. Currently, the richest 1% of New Yorkers pay 6.5% of their total income in state and local taxes, while the poorest 20% of New Yorkers pay 12.6% of their income.”
The bill would increase and create new income tax brackets:
8.25% on incomes over $250,000.
8.97% on incomes over $500,000.
10.35 on incomes over $1 million.
Such a proposal would not only cut the state budget gap in half but take one small step towards reducing the extremely regressive income tax system that is rampant throughout the United States.
Additionally, such a tax program would mean that the proposed cuts to CUNY could be dramatically reduced.
Click here to watch a video of Eric discussing his legislation.