Let's just tax wealthy New Yorkers to the point that they leave the state and take their companies with them. At which point New York City can turn into the Venezuela-style socialist paradise that AOC always envisioned.
AOC, Jamaal Bowman push $50B state tax hike on wealthy New Yorkers
https://nypost.com/2021/01/28/aoc-bowman-push-50b-state-tax-hike-on-wealthy-new-yorkers/
Lefty firebrand Rep. Alexandria Ocasio-Cortez and her New York congressional sidekick
Rep. Jamaal Bowman endorsed a massive $50 billion package of state tax hikes on the wealthy to maintain services during the pandemic-fueled fiscal crisis.
AOC and Bowman, both Democratic Socialists representing Big Apple districts in DC, backed a growing progressive insurgency in the Democratic-run state legislature to pressure Gov. Andrew Cuomo into agreeing to tax hikes.
They pledged their support for “The Invest in Our New York Act” Act at a 4 p.m. press conference Thursday in The Bronx.
Their allies in the New York branch of the Democratic Socialists of America are key partners in the tax the rich campaign.
“It’s not complicated. We have to make sure the wealthy pay their fair share,” Ocasio-Cortez said. “Working families are paying their fair share. They’re paying enough.”
She said New Yorkers shouldn’t have to settle for under-funded schools, mass transit and “crumbling infrastructure.”
Ocasio-Cortez, who represents parts of The Bronx and Queens, said she will continue to press Congress and the White House to provide more New York more federal coronavirus recovery funding, but that doesn’t preclude imposing state higher taxes on the wealthy.
Like Ocasio-Cortez, Bowman, a former Bronx middle school principal,
shocked the political world last year by trouncing a long-time Democratic incumbent Rep. Eliot Engel as a lefty insurgent in the 2020 Democratic primary. He has joined “The Squad” of like-minded progressives in the House of Representatives, which includes AOC.
Bowman said, “Enough is enough. We’ve had socialism for the wealthy for a very long time.
“With this level of wealth inequality, democracy can’t stand.”
The package the duo backs
includes six bills that supporters claim would raise more than $50 billion including: higher progressive income taxes on the wealthy, $15 billion; taxes on capital gains investments like stocks, raising $7 billion;: boosting the Estate/Inheritance taxes, by $8 billion; a separate wealth tax on billionaires’ assets, $23 billion; and a “Wall Street Tax” on financial transactions, raising at least $12 billion.
The coalition also calls for repealing former President Trump’s corporate tax cuts, to generate $9 billion in revenue. Trump slashed the corporate tax from 35 percent to 21 percent.
Cuomo’s budget office said AOC and Bowman should focus on doing their job by directing more federal aid to New York instead of boosting New York taxes by 60 percent.
“We will review the $50 billion plan that would increase taxes on New Yorkers by 60%. In the meantime, our representatives in Washington should recognize New Yorkers send $23 billion more to the federal government than we get back each year,” said Cuomo budget spokesman Freeman Klopott.
“Their time would be better spent enacting a more progressive tax policy at the national level that ensures New York gets its fair share instead of endorsing policies that undermine our competitiveness with other states, and delivering the federal funding that’s been promised to New York for nearly a year.”
