Op-ed: ‘Taxing the rich’ won’t help anyone

March 11, 2021



Today, Newsday published the following op-ed by Partnership for New York City President and CEO, Kathryn Wylde.

The state’s 2021-22 budget negotiations will wrap up in the next three weeks. The stakes are higher than usual for New York City and Long Island, whose residents generate 68% of state personal income tax revenues.

Throughout the pandemic, political pressure has been building on Albany legislators to “tax the rich” — ostensibly as retribution for how well the stock market and Wall Street performed in 2020. The menu of proposed taxes includes increases in personal and corporate income taxes, a tax on stock market trades that would largely fall on retirement savings, a new tax on capital gains, and an inheritance tax on estates as small as $250,000. There is also a wealth tax on the assets of billionaires, which would likely leave New York without any.