An estimated 125 millionaires call Yonkers home, and City Council is debating the potential impacts of higher tax rates for those residents.
City Council Minority Leader Mike Breen and his fellow council members have been discussing the Invest in Our New York Act, which features six bills intended to raise taxes on high-income New Yorkers. The act also prescribes additional levies on investment and stock income.
City Hall’s 4th floor has been lively since live debates returned to council chambers after a year of online meetings due to the Covid pandemic. At City Council’s most recent debate, Breen spoke out about the implications of a higher tax rate for the wealthy. Along with council member Anthony Merante of the six district, Breen referred to the pending act as the “I Leave NY Bill.”
“People who make money, spend money and invest it,” Breen stated. “If you take that money and give it to the government to spend, its not the best way to get money in the economy. I think its a bet that the 125 people in the city of Yonkers whose income is in excess of $1 Million will be leaving New York State if this ever passes. New York State did receive adequate money to get over this crisis. This is unnecessary.”
With the city council’s Democratic supermajority, the council resolution supporting the Invest in Our New York Act passed 5-2. Council President Mike Khader, Majority Leader Corazon Pineda-Isaac, council member Tasha Diaz, council member John Rubbo, and council member Shanae Williams voted in support of the resolution. Minority Leader Breen and council member Merante voted against.
The proposed Invest in Our New York Act includes bills for Progressive Income Tax, Capital Gains Tax, Heirs Tax, Billionaires Tax, Corporate Tax, and Wall Street Tax.