Superrich should pay their fair share in NYS taxes

It’s been several weeks since the election, and the political world still reels with theories about what happened.

Moderates and progressives within the Democratic Party are pointing fingers at one another, but none of that is helpful.

We must all acknowledge one clear reality: Americans are unhappy and pessimistic about the state of the country.

At least 70% of Americans say they are dissatisfied about the future and 78% doubt their children’s lives will be better than their own. Nearly two-thirds report they feel "exhausted" when they think about politics.

The American people are no fools. We feel in our bones that our economic and political systems are deeply broken.

Our political system has evolved to benefit the very wealthy. America’s billionaires — about 800 people — control 57% more wealth ($5.8 trillion) than the entire poorer half of U.S. society, roughly 65 million households ($3.7 trillion).

After decades of being sold trickle-down economics, we now see it is empty rhetoric. The very rich are getting richer at the expense of working Americans, who feel like they’re working harder than ever, on a treadmill that keeps speeding up.

Parents are barely managing the rising cost of child care, yet child care workers are unable to make ends meet. Families are trying to figure out how to afford nursing home care for an elderly parent, while nursing home staff are scraping by on minimum wages.

It’s time for a fix. It’s time to come together as a bipartisan coalition of working people to demand an economic system that serves all of us.

Across the state, I hear the same thing: We want strong schools and opportunities for our kids, quality health care, the joys (and pains) of homeownership, the ability to make memories on a family vacation, a healthy workplace, and a dignified retirement. These aren’t partisan goals — they’re human ones.

It is time to unite on the issues that affect us all, starting with one of the most obvious: Make the superrich pay their fair share in taxes.

Somewhere along the way, we’ve been convinced that billionaires deserve every dollar they’ve amassed. Somehow, the lie — that taxing the uber-wealthy will cause them to flee the state — still spreads, despite being repeatedly debunked.

The truth is, majorities of all Americans support higher taxes on the very rich. In New York, more than two-thirds of voters say the government should raise taxes on corporations and the wealthiest people to improve services for New Yorkers.

Our proposal, called "Share Our Wealth," is simple: Increase New York’s top tax rates for those earning over $5 million and over $25 million by 0.5%, and increase the corporate tax rate by 1.75%.

These small reforms would generate more than $2 billion for the state to invest in working-class New Yorkers’ basic needs, like child care, transportation and housing, helping them create the lives and futures we dream about for our families.

We have a path forward. But it’s up to everyday New Yorkers to stand up and demand better from our state lawmakers and Gov. Kathy Hochul. Unions and communities have long been at the forefront of this fight. We know how to organize, how to build coalitions, and how to win meaningful change.

So to every New Yorker making less than $5 million a year: This fight is for us. Together, we can build a future where stability and opportunity isn’t a privilege reserved for the few, but a promise kept to us all.

This guest essay reflects the views of Melinda Person, president of the New York State United Teachers union.