Harper Freeman at The Chief reports New York City Labor is calling on Governor Kathy Hochul to tax the rich. Nearly a dozen Unions have signed a letter that was sent to Hochul urging her to get behind revenue-raising measures proposed in the one-house budgets of the State Assembly and State Senate - as well as other additional tax increases. Raising taxes on New York State’s wealthy has been a key priority for Mayor Zohran Mamdani amid a $5.4 billion City budget gap, but Hochul has been resistant to the measures during a year she is campaigning for re-election. However, Hochul has proposed a pied-à-terre tax on luxury second homes valued at over $5 million that could raise $500 million a year for New York City, signaling some flexibility on tax increases. While appreciative, the Unions are calling for even more including a bump in the Statewide corporate tax, the personal income tax, the City corporate tax and additional loophole closures and revenue-raising programs. “The agreement on a pied-à-terre tax in New York City was an important first step but doesn’t address New Yorkers’ needs or municipal shortfalls,” the letter reads “At this pivotal moment in the budget process, New York’s leaders face a clear choice: Stand with Working Families confronting an escalating affordability crisis or protect the ultra-wealthy and most profitable corporations that have long avoided paying what they owe.” The signatories include District Council 37, and the Hotel and Gaming Trades Council, politically powerful establishment Unions that had not publicly backed tax increases this year until the letter was released. Other Unions that signed on are the New York State Nurses Association, Communication Workers of America (CWA) District 1 and CWA Local 1180 - as well as progressive-leaning Unions like the Professional Staff Congress, United Auto Workers Region 9A, the Committee of Interns and Residents-Service Employees International Union (SEIU) and Doctors Council SEIU. Raising the statewide corporate tax rate to 9%, as proposed by the State Senate, increasing personal income taxes for those over $5 million and making three new brackets for those making between $10 million and $25 million, $25 million and $100 million, and over $100 million, as proposed by the State Assembly, as well as raising the City’s corporate tax rate over 10%, would altogether raise $6.75 billion a year, the Unions wrote. By adjusting the State Pass Through Entity Tax, ending the gold bullion sales tax exemption and increasing the mansion tax could raise more than $3.5 billion more. 

To Continue Reading This Labor News Report, Go To: Unions urge Hochul to tax the rich - The Chief