This week, we asked readers for their opinion on the ‘Tax the Rich‘ campaign that would increase the taxes of millionaires and wealthy corporations, using the revenue earned from such taxes to restore funding cuts to healthcare and public services, as well as free childcare.

 

As reported, New York City Mayor Zohran Mamdani had already outlined two paths to closing the current City Budget gap during a press conference held in mid-February: tax the rich or have the middle class foot the bill. At a subsequent  “Tax the Rich” rally held March 29 at Bedford Park’s Lehman College, Independent U.S. Sen. Bernie Sanders of Vermont highlighted the importance of raising taxes on the rich, standing up to U.S. President Donald Trump’s economic and political agenda, and decried the disparity of wealth distribution in America.

 

Organizers of the rally said the wealthiest New Yorkers will save $12 billion dollars this year due to Trump’s tax cuts for the wealthy. Read our coverage of the recent “Tax the Rich” rally at Lehman College here and more coverage of the rally, including reaction to the proposal here.

 

“Progressive taxation is a norm, and a moral imperative in every liberal democracy, but it has been whittled away by Republican presidents for more than 40 years, while the inequality in wealth [distribution] has risen dramatically. We need to go in the other direction and make the [top earning] ‘1%’ pay for social programs, housing, infrastructure, and other things that allow the rest of us to live in an affordable and just society. Actually, taxing them is not enough; it still allows them to accumulate extreme wealth and control our political system. We need absolute limits on wealth and on the use of it to manipulate elections and policies.”

Anton Alterman,

Brooklyn

“In theory and on paper it sounds great and just, but our rich neighbors know all of the loopholes. They will find ways to shelter what they have and pay a lesser amount. It will also probably cost a fortune to implement this plan. I also think that (U.S. President Donald) Trump will find a way to intervene.”

Kay Cardona,

Pelham Gardens

“I favor taxing New York State and New York City’s richest people and our most profitable corporations at higher rates to pay for public improvements we all need. The New York State senate and assembly have each proposed such taxes. Our governor has yet to be convinced. One measure proposed would tax the most profitable corporations at rates comparable to New Jersey.

 

Another would tax the highest earners at a rate higher than the rest of us. At present, those earning $50,000 pay the same tax rate as those earning over $1 million. If we tax the rich, we can pay for childcare and affordable housing.”

Daniel Millstone,

Brooklyn

“Even teenagers working for minimum wage are paying taxes. Percentage-wise, that has a bigger impact on their savings than someone making over $500,000 per year. In general, most of the folks making under $100,000 have few assets or aren’t living on percentages/dividends or even other people’s labor.

 

They’re making money on high interest savings, property, and revenue streams that they created long ago. All of us find tax deductions for work expenses and charity donations, but let’s not create pretend tax deductions. Tax the rich fairly, and we’ll improve The Bronx, the rest of New York City and the United States.”

Anne Leighton,

Norwood

“We are seeing so many residents facing displacement and rising costs, and a ‘Tax the Rich’ campaign provides a clear path to funding the housing justice initiatives we desperately need. These resources could be a lifeline for tenant advocacy and community support, helping to stabilize our neighborhoods during a very difficult time for many working families.”

Sonia Velazquez,

Brooklyn

“Sooner or later, the next step with the “Tax the Rich” campaign will be finding a way to tax the working class. This is all part of the mayor’s bigger agenda. It’s intimidation and manipulation. Let’s make it so unbearable that many larger and smaller businesses and residents leave making real estate available.

 

Prices go down, rents go down. Then he will bring in his preferred community. Taxing the rich is the first step because we know that large businesses will not give [their] money to fund his socialist programs. Now, let’s raise utility prices, property taxes, and reverse the death tax. This is a direct hit on the working middle class. New Yorkers and patriots unite and stay vigilant!”

Bernadette Ferrara,

Van Nest

 

*Síle Moloney contributed to this article. 

 

Editor’s Note: In reference to Ferrara’s allegations that “sooner or later, the next step with the ‘Tax the Rich’ campaign will be finding a way to tax the working class,” Norwood News reached out to the Mamdani administration for comment. We did not receive an immediate response but will share any feedback we receive. 

 

Read our coverage from 2021 here which showed the impact or lack thereof to The Bronx of the 2017 Trump tax cuts given to America’s wealthiest under the so-called, federal Opportunity Zones program, where designated Opportunity Zones in The Bronx and elsewhere around the country were supposed to be developed in exchange for benefiting from such tax breaks.

 

Local Assemblyman Jeffrey Dinowitz (A.D. 81) spoke to Norwood News at the time about his opposition to the program, given that because of it, developers were essentially reaping the benefits of dual federal and State tax benefits. 

 

Speaking this year at a press conference in Albany on Wednesday, March 25, alongside the nonprofit, Reinvent Albany, which recently produced a report on the impact of the referenced tax breaks / Opportunity Zone program, the assemblyman once again called for the uncoupling of such federal and state tax breaks.

 

His bill, S3340/A3246, seeks to uncouple New York State from the federal Opportunity Zones program, which was created to encourage private investors to spend in poor communities by not taxing capital gains on those investments. News10 also recently reported that lawmakers have argued that the program allows developers to avoid paying State and City taxes on profits earned on investments in such Opportunity Zones, and that this could mean that New York will lose up to $284 million in tax revenue per year starting in 2029.

 

“$400 million.. why would we not want that money here in New York?” Dinowitz said. “Why would we want to give away money? In fact, some would say that we were almost not in our right minds if we would not do this de-coupling. The fact is we’re going to be giving away large amounts of money that we desperately need. How many childcare slots does that pay for? How many, you know, seats in schools does that pay for? $400 million by simply taking one action by the State so I really thank you for this report because I think it really shows how we often misspend money.”