The State of New York’s richest citizens – including some of the world’s richest families such as Soros, Rockefeller, Disney and others – have signed a petition to ask the local authorities to raise the taxes for the super-rich.
The extra money allocated as the result of those tax hikes are offered to be spend on schools, infrastructure, support for the homeless and other important things. The billionaires say that it’s time to invest in the long-term economic attractiveness of New York.
They think that it’s possible to create new economic opportunities for the average American and to help them get out of poverty at the expense of extra money for the budget. Special attention should be made to improving the quality of education starting from pre-school education. As mentioned, the tax hikes are designed to improve the state’s infrastructure – highways, bridges, tunnels, municipal building and so much more.
To clarify the situation, corporate taxes in New York are very high, sometimes above 40%. However, the super-rich mostly profit from investments, and investment taxes are usually below 25%. The Democrats have already confirmed their determination to back the billionaires’ idea.
