Millionaires of New York to Governor Cuomo: Raise Our Taxes
"We millionaires and multi-millionaires of New York can easily invest more in the Empire State, and lawmakers have a moral and a fiduciary duty to make sure we do so.”
Yesterday, as Governor Cuomo and the New York State Assembly consider proposals to close New York State's $2.3 billion budget deficit, a group of millionaires challenged them to muster up the political courage to pass the obvious solution to the state's fiscal problems: tax the rich.
New York has more millionaires and billionaires than any other state, yet low-income and middle-class New Yorkers continue to bear a disproportionate share of the burden of funding the state government. In a letter sent to the Governor's office yesterday signed by 48 New York millionaires, they call on Gov. Cuomo to tax the rich to invest in the state's communities, specifically by expanding the state's millionaires tax to additional high-end brackets, and by closing the carried interest loophole abused by millionaire fund managers by implementing a state-level "carried interest fairness fee."
Taken together, these two proposals would raise over $5.6 billion per year. The text of the letter, as well as a full list of signers, can be found both HERE and below.
As this letter was being delivered, Morris Pearl, the Chair of the Patriotic Millionaires and former managing director of BlackRock, Inc., the world's largest asset manager, was testifying in front of a joint legislative hearing with the New York State Senate Finance and Assembly Ways and Means Committee with the same message: that New York's millionaires need to be paying more. In his testimony, he directly responded to claims from wealthy New Yorkers who threaten to move to another state if their taxes increase with the following remark:
"I will tell you as someone who knows a lot of rich people in New York, the rich people who make decisions on where to live based mainly on taxes do not live in New York, and they have not lived in New York in decades. They moved to other states like Kansas generations ago. It would be a colossal mistake for us to compromise the things that actually make rich people want to live in this state in order to appease these fictional New York millionaires who care enough about taxes to leave if we expand the millionaires tax, but not enough to leave with our taxes at their current rate. Please don't buy the empty threats of millionaires who claim they'll leave the state if you raise their tax rate."
For further comments or questions, please contact Sam Quigley at firstname.lastname@example.org .
New York Millionaires' Letter to Governor Cuomo
Dear Governor Cuomo and Legislative Leaders,
We are a group of millionaires and multi-millionaires who want to do our part to make New York the best state in the nation for all of its citizens. To that end, we are writing today to urge you to tax us (and people like us!) and to use that revenue to make investments in our state that will help everyone.
Specifically, we hope you will support the following new tax policies that will bring both additional revenues to our state and more fairness to our tax code:
- A new "Multi-Millionaires Tax" that would add new rates and/or new brackets for households making over $5 million, $10 million, and $100 million per year, which could raise $2-$3 billion per year or more, depending on tax rates.
- A state-level "fairness fee" to close the egregious "carried interest" tax loophole, a gross mischaracterization of income which allows fund managers to pay half the tax rate of other working people with the same income.
To be clear, we do not support these additional taxes because of some heightened sense of altruism, but rather because of an exceptional understanding of our own self-interest.
Raising taxes on high-income New Yorkers like us in order to invest in our people and our communities is not just the right moral choice, it also happens to be in the long-term economic best interest of everyone, including millionaires like us.
Our infrastructure is crumbling. Nearly three million of our residents, many of them children, live in poverty. Our lack of investment in education from pre-k to college limits less fortunate citizens from gaining the tools they need to work their way out of poverty and robs our state of their potential talents. In recent years, homelessness in New York State has reached levels equal to those seen during the Great Depression. Many New Yorkers cannot find affordable housing, have difficulty obtaining treatment for mental illness and addiction, and cannot access the skills training they need to fully participate in the workforce.
These things don't just make life difficult for millions of New Yorkers, they adversely affect the quality of life for everyone. It's time to invest in our future both by making smart spending decisions and by demanding more fairness in our tax system.
We millionaires and multi-millionaires of New York can easily invest more in the Empire State, and lawmakers like you have a moral and a fiduciary duty to make sure we do so.
To be clear, paying higher taxes will not affect our individual standards of living one bit. Most of us will literally not notice the difference.
And please, do not be fooled by silly arguments about high net worth New Yorkers fleeing the state in the wake of higher taxes. Since implementing the current "Millionaires Tax" in 2009, the number of millionaires in New York State has risen by 63%. In 2017 alone, New York City saw a 15% increase in individuals with over $30 million in wealth.
And frankly, if a few of New York's millionaires are too myopic to understand the importance of investing in our community, Connecticut can have them.
We want to be a part of building the next great chapter in New York. Please make sure we are.
Daniel A. Simon
The Patriotic Millionaires is a group of high-net worth Americans who share a profound concern about the destabilizing level of inequality in America. Our work centers on the two things that matter most in a capitalist democracy: power and money. Our goal is to ensure that the country's political economy is structured to meet the needs of regular Americans, rather than just millionaires. We focus on three "first" principles: a highly progressive tax system, a livable minimum wage, and equal political representation for all citizens.(202) 446-0489
"The last thing Americans need is a Bezos-backed investment company further consolidating single-family homes and putting homeownership out of reach for more and more people. Housing should be a right, not a speculative commodity."
Among the three richest people on the planet, mega-billionaire Amazon founder Jeff Bezos received some praise last week for announcing approximately $120 million in donations to a number of groups fighting the scourge of homelessness in the United States.
"It's a privilege to support these orgs in their inspiring mission to help families regain stability," Bezos wrote in an Instagram post touting the multiple grants to 38 individual nonprofits in 22 states.
But hold your applause.
Just days after word of the charitable gifts—a minuscule drop in the bucket compared to the estimated $170 billion fortune he possesses—a Bezos-controlled company called Arrived dropped $500 million of new investment in single-family homes with a venture fund that critics warn will make the nation's housing crisis even worse.
According to GV Wire :
Since its inception in 2021, Arrived has attracted nearly a half a million customers, operating as a fractional real estate investing platform. The company’s model is similar to buying a slice of the American pie, allowing investors to purchase shares of single-family rentals for as little as $100.
The fund itself—called the Single Family Residential Fund—allows investors to purchase portions of various homes and later trade, hold, or redeem their "chips" on a rolling basis like players at a casino.
While many Americans, especially younger people and working-class families, have been steadily priced out of homeownership by soaring costs and, more recently, higher interest rates, Arrived prays on that reality by selling the idea that owning a piece of a home as an investment is an "American Dream" akin to owning the home one lives in.
Speculative investors, however, are likely not among those struggling to make ends meet but this kind of investment behavior, warn critics, is certain to drive home prices even higher.
(D-Calif.)—who has co-authored legislation to halt the rent-gouging and inflated home prices that result from such investment schemes—ripped Bezos' latest move.
"The last thing Americans need is a Bezos-backed investment company further consolidating single-family homes and putting homeownership out of reach for more and more people," Khanna tweeted on Friday. "Housing should be a right, not a speculative commodity."
As the author writing under the name Homeless Romantic on Medium noted last week, a primary concern "raised by critics is the monopolization of housing" that Arrived is pushing.
"By acquiring a large number of single-family homes," reads the post, "Bezos and other investors could consolidate control over the housing supply, giving them significant influence over rental prices and market dynamics. This could make it more difficult for ordinary individuals and families to find affordable housing, particularly in high-demand areas."
It wasn't lost on many that there was a disconnect between his relatively paltry gift to organizations valiantly standing on the frontlines to fight homelessness with the one hand, while simultaneously using his massive fortune to exacerbate the crisis with a for-profit venture on the other.
What else could he do? People had ideas.
According to the Department of Housing and Urban Development, it would cost a mere $20 billion annually to end homelessness in the United States.
In response to the latest revelations about his charitable giving, a few people said a person worth nearly $200 billion like Bezos "could literally end homelessness by himself if he wanted to."
'I Was Mostly In It for Her': New Details in Rape Probe Embroiling Top GOP Official, Moms for Liberty Co-Founder
Amid charges of gross hypocrisy and many celebrating the possible downfall of a powerful far-right couple following revelations about their private sexual activities, the severity of the accusations led one Florida Democrat to remark, "None of this is funny."
New details made public over the weekend via police documents of a rape investigation have added fresh fuel to the political firestorm surrounding the chair of the Republican Party of Florida, Christian Ziegler, and his wife Bridget Ziegler, co-founder of the far-right Moms for Liberty, which engages in book-banning efforts, attacks on public education, religious moralizing, and the promotion of fascist ideology in chapters nationwide.
After an unnamed longtime associate accused Christian Ziegler of rape last week, the emergence of a police search warrant and associated affidavit showed that the alleged victim said she had engaged in consensual three-way sexual relations with the Zieglers in the past but on the day of the assault, on Oct 3., tried to call off the encounter because Bridget would not be there to participate.
"Sorry I was mostly in for her," the victim said, according to text messages quoted in the affadavit.
The high-profile political work of the Zieglers—who rail against the sexual identities and lifestyle choices of others and who have been openly hostile to the LGBTQ+ community, often suggesting queer people are somehow deviant or morally problematic—has resulted in my cries of hypocrisy and calls for Christian's resignation.
"Allegations of rape and sexual battery are severe and should be taken seriously," said Florida Democratic Party chair Nikki Fried in a statement on Thursday. "I applaud the accuser's bravery in coming forward against a political figure as powerful as Christian Ziegler, and I trust that the Sarasota Police Department will conduct a thorough investigation into these allegations of criminal behavior."
Given the severity of the allegations against him, Fried called on Christian Zeigler to resign from his post, a call echoed later by Gov. Ron DeSantis , a Republican currently running for the GOP presidential nomination.
Fried said that "what happens behind closed doors is Christian and Bridget's personal business," but added that she did "find it interesting that two people who are so obsessed with banning books about gay penguins might be engaged in a non-traditional sexual relationship," referring to a children's book about gay parents which has been targeted by Republicans for banning in schools in Florida and elsewhere.
"As leaders in the Florida GOP and Moms for Liberty," said Fried, "the Zieglers have made a habit out of attacking anything they perceive as going against 'family values'—be it reproductive rights or the existence of LGBTQ+ Floridians. The level of hypocrisy in this situation is stunning."
According to the Washington Post :
News reports emerged several days ago about the allegations of rape, but more records were obtained via a Freedom of Information Act request late Friday and reported by several Florida news outlets. They include details of recorded conversations via Instagram and phone calls between the woman and Christian Ziegler that detectives obtained. Police have filed search warrants for Ziegler’s phone, email and other devices. The Sarasota Police Department did not reply to several requests for comment.
Christian Ziegler's attorney, Derek Byrd, said in a statement Thursday that his client "will be completely exonerated." Byrd and Ziegler did not respond to requests for comment Saturday about the details in the affidavit.
"It's certainly deeply, deeply troubling," state Rep. Spencer Roach, a member of the Florida GOP executive committee, told the
in an interview. "I would describe this as just an absolute body blow to the Republican Party. Everyone that I've talked to about this is in an absolute tailspin."
Paulina Testerman, a co-founder of the nonprofit Support Our Schools, which defends public education, spoke to The Daily Beast about the allegations of rape in the context the Ziegler's political activities in Florida.
"Many of us have stood at the podium of countless school board meetings and listened to Mrs. Ziegler drag the LGBT+ community, so it's natural to want to celebrate when bullies get what's coming," Testerman said. "But we must remind ourselves that there are many victims in this story. An alleged rape victim is the obvious victim, but our LGBT children and all marginalized children have all been the victim of the Zieglers and their hate machine. We are hopeful that their reign is over, and our community can start healing."
Bridget Ziegler—who reportedly confirmed to detectives she and her husband did have a consensual sexual relationship in the past—is not named in the affadavit, but Moms for Liberty defended her in a post on X following the initial revelations last week.
"#StrongWomen scare those that seek to destroy our country," the group stated . "We stand with Bridget Ziegler and every other badass woman fighting for kids and America."
But critics like Anne-Marie Principe and others pushed back on that.
"The hypocrisy is real," Principe tweeted . "First, they engaged in the sexual freedoms they want to deny others. Second, the alleged sexual assault of their threesome partner is not only denigrating women, it's a crime. So, I guess you are only about YOUR liberties. #WrongWomen not strong ones."
"What Israel is doing in Gaza right now is one of the most cruel tactics of war I've ever seen," said one healthcare aid worker.
More than 700 people were killed in the Gaza Strip in just 24 hours, the Health Ministry in the besieged territory said Sunday, as Israeli bombings escalated following a brief pause and wider evacuation orders stoke fears of wider displacement and carnage.
According to an Al-Jazeera dispatch :
Overnight and into Sunday, intense bombing was reported in Khan Younis, Rafah, and some northern parts targeted by Israel's air and ground attacks.
"Everywhere you turn to, there are children with third-degree burns, shrapnel wounds, brain injuries and broken bones," James Elder, UNICEF's global spokesperson, told Al Jazeera from Gaza.
"Mothers crying over children who look like they are hours away from death. It seems like a death zone right now."
The Israel Defense Force (IDF) has been dropping evacuation leaflets across the south of Gaza in cities that include Khan Younis, Rafah, and others neighborhoods where many had been told to flee by Israel prior to the recent week-long pause.
The IDF is now using a wholly invented "grid system" to tell Palestinians in Gaza which sectors might be safe and which ones will not, leading to reports of widespread confusion on the ground for those trying to keep themselves and their families safe from the indiscriminate bombing.
"What Israel is doing in Gaza right now is one of the most cruel tactics of war I've ever seen," said Rohan Talbot, director of advocacy and campaigns for the U.K.-based Medical Aid Palestine, on Sunday. "This grid system effectively means people are being chased from square to square, in constant mortal fear. Bombing happens both inside and outside 'unsafe' areas. It's terrorism."
"And they say it's about protecting civilians! People in Gaza are saying they hope to die just to be free from the fear!" Talbot declared. "I use the word terrorism in its specific sense: using violence to intimidate civilians for political aims. Israeli leaders don't hide that this is what they are doing."
In a statement on Sunday, U.N. Human Rights Chief Volker Türk called for an end of the new wave of bombardents and a return to the talks that saw Israeli and Palestinian hostages freed and an increase in humanitarian aid allowed into Gaza.
"Silence the guns and return to dialogue—the suffering inflicted on civilians is too much to bear. More violence is not the answer. It will bring neither peace nor security," Türk said.
"As a result of Israel's conduct of hostilities and its orders for people to leave the north and parts of the south, hundreds of thousands are being confined into ever smaller areas in southern Gaza without proper sanitation, access to sufficient food, water and health supplies, even as bombs rain down around them,” he added "There is no safe place in Gaza."
Last week, it was
that the Israeli military is using artificial intelligence to help generate bombing targets, a situation described as "dystopian" and the "first AI-facilitated genocide in history."
Horrifying scenes were evident across Gaza over the weekend as witnesses shared footage of children killed by the bombings along with the heartbreak and cries of survivors:
In the north, the Jabilia refugee camp, the largest in the Gaza Strip, was bombed again on Saturday.
"More than 100 Palestinians were killed Saturday in a new massacre committed by Israeli occupation forces in the Jabalia refugee camp in the central Gaza Strip," the official Palestinian news agency Wafa reported.
The agency said an Israeli missile hit a residential building belonging to the "Obaid family in Jabalia camp" and that "dozens were injured, and many others are still missing under the rubble," in that strike alone.
Meanwhile, Medicin Sans Frontier/MSF doctors reported their rescue vehicles, despite being clearly marked, were targeted by Israeli tanks.
Jason Lee, the Palestine country director for Save the Children, who was in Rafah on Friday, told the Guardian newspaper that what's being witnessed is a fresh population transfer in a country where 1.7 million people—out of an approximate total of 2.3 million—have already been displaced, with most now frantically trying to find safety in the south.
"How is it possible for people to move again? For many, this is not their first evacuation. The scale and scope of this is unprecedented," he said.