New York Millionaires Tell Albany: Tax Us, Please

New York Times ^ | 02/13/2019 | Vivian Wang

[SeekAndFind]

ALBANY — A millionaire walks into the State Capitol and says, “Raise my taxes.”

Please.

This was no joke: The millionaire was Morris Pearl, a former BlackRock executive who is the chairman of Patriotic Millionaires, a group dedicated to pushing for higher taxes on businesses and the ultrarich.

Testifying on Tuesday at a state budget hearing, Mr. Pearl asked a bipartisan group of about half a dozen legislators to create a new “multimillionaire’s tax” on households earning more than $5 million a year in order to fund new affordable housing, infrastructure and schools.

“I’m a person of some means. I could live wherever I want,” said Mr. Pearl, a former managing director at BlackRock. “I could live in Kansas, if I wanted to live in a state with low taxes and low services. But I don’t.”

Of the more than 200 members in the Patriotic Millionaires, 41 live in New York, a state known for its high wealth and high taxes. Their message arrives at a decisive moment: Democrats control the State Legislature and the governor’s mansion for the first time in a decade, and the ascendant progressive wing of the party is increasingly clamoring to narrow the income inequality gap, both in New York and nationwide.

Several Democratic state legislators, as well as the City Council speaker, Corey Johnson, last week threw their support behind a so-called pied-à-terre tax, on wealthy people’s pricey secondary homes, after a hedge fund billionaire bought a $238 million penthouse on Central Park. Senator Julia Salazar of Brooklyn was elected in November as the Legislature’s first democratic socialist.

[Nevadan]

This is meaningless. The ultra rich always have ways to hang onto their money. They can afford the accountants who specialize in helping the rich keep their money while appearing to be generous. They manage to get back what they pay in taxes. It’s called in most cases crony capitalism. But the problem with such virtue signalers is that their “it’s ok to task the rich” is always a go-ahead for taxing the middle class and entrepreneurs, and small business owners who can’t afford the virtue signaling. There is nothing to prevent this very wealthy man from making a private donation to the government entities of his choice. But what would he get out of that?

[Vaduz]

Indeed he proves he’s full of BS but it sounds good the the left an excuse to increase taxes same for Bill Gates BS.

[Moonman62]

What is he getting in exchange for his testimony?

[jeffc]

Say, NYT, what are those other rich people who are leaving saying?

[DoodleBob]

This is old news. The same group of losers made the same request in 2010, but when a reporter followed up and asked them to simply volunteer to pay more, they balked on camera.

[headstamp 2]

Here’s a governor bitching about SALT deductions and now they are going to turn around and tax the hell out of those same people anyway.

Despite what this idiot says, it won’t be enough for the politicians in this state. Look for it to filter down in the form of higher fees and taxes on EVERYTHING to make up the shortfall.

[gr8eman]

Funny there’s no blaring headline about that!

[faithhopecharity]

this stupid f___ing pruck is just seeking publicity (probably planning to run for some damned elective office someday)

he is welcome to pay more taxes anytime he wishes, any day, any hour .....

the gummit will happily accept additional taxes from anyone crazy or stupid enough to remit them

[faithhopecharity]

we have to figure out why so many rich people are so damned NUTS or stupid when it comes to basic American values and civics (and economics)

[aquila48]

“Once upon a time infrastructure was actually something the Government should do, but now can’t because they absconded with the funds and fees and taxes meant for roads and highways.”

The last election there was a proposition in Colorado called “Fix the Damn Roads”, which would have forced the state to spend a certain percentage of the state budget to fix the damn roads. The voters voted it down! I couldn’t believe it.

People get the government they deserve.

[SeekAndFind]

Here’s a governor bitching about SALT deductions and now they are going to turn around and tax the hell out of those same people anyway.

[aquila48]

“Mao Tse Tung would approve....”

True, but he would know them by their proper name, “useful idiots”.

[1Old Pro]

The voters voted it down! I couldn’t believe it.

I'm sure they framed it as taking much needed funds from the schools and the children would suffer - thus getting all the parent vote.

[PilotDave]

That’s it! This guy is a genius! I have now seen the error of my ways. I’m convinced that the government should control everything. Thank Gaia for this guy testifying in NY and for the wonderful NY Times for sharing the correct way for all of us to live.

[Wuli]

He can give away as many of his million$ as he choses, on “affordable housing”, money directly to kids for “schools” or many other good causes. Does he?

But what he does do, while pretending to ask for more taxes on himself, is he is really advocating that others, like himself ought to be taxed more. In other words, just like any Mercedes Marxist, he wants the state to go after other people’s money.

[falcon99]

Exactly, it is pure BS. Nothing is stopping these idiots from writing a bigger check or as you say, not take allowable deductions, if they really believed this tripe they are saying. In addition, their income is probably small and from dividends rather than wages. Dividends are normally taxed at a lower rate and I’m sure they would really not like their wealth taxed because that is where their money really is. I’d also bet, they have some pretty high powered lawyers scouring the tax codes to find every loophole possible. They are liars and hypocrites just like most Dems.

[philetus]

The fact that they are asking for it makes me believe they already found a way of profiting from it.

[arthurus]

When most of one’s income derives from capital gains asking for higher income taxes is asking for, other, less wealthy people to be taxed more.it is the milionaires asking for taxes to be increased on the working class.

[txrefugee]

Sock it to ‘em.

What’s keeping them from paying more than they owe now? There’s no law against that.

[ctdonath2]

NY Gov Cuomo recently lamented that raising taxes is driving taxpayers out of the state, thus reducing revenues. Somehow this has not persuaded him to lower taxes.