In the face of a federal tax plan that will give handouts to the richest in this country while hurting middle class New Yorkers the most, we must do what we can at the state level to create a fairer, more equitable tax and economic system. For years, the wealthiest have been able to capitalize on tax loopholes that average New Yorkers simply dont have access to. Its unsustainable and hurts our economy, and we cant stand for it anymore. Its time to ensure the wealthiest pay their fair share so we can rebuild our infrastructure, which is the most essential path to a stronger economy.
I was pleased to see that in the state of the state address, the governor backed the effort to eliminate the carried interest loophole. I have been opposed to this unfair loophole that allows hedge fund investment managers and private equity billionaires to get an even lower tax rate. I am encouraged that he recognized the importance of closing this loophole.
The Governors speech was inspiration in its call to apply our motto e pluribus unum, out of many, one. But inspirational speeches need to be matched with concrete proposals. Eliminating the carried interest loophole will restore a modicum of fairness to our system, and restoring the stock transfer tax will rebuild our infrastructure. It is important to be pragmatic, but pragmatism requires action on the issues that the Governor has identified.