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New York is America's wealthiest city. But it is overpriced one of America's most unequal. For Each City Car on Madison Avenue there is a single mother struggling to pay for milk in the Bronx. For every elegant palatial apartment That Rises Above Central Park, the ice where the doormen who can not afford health insurance. New York is home to Donald Trump , David Koch and Michael Bloomberg. And It Is Also home to the Burger King employees who make $ 15,002 per year, diligent maids earn the minimum wage and homeless New Yorkers who'll have no choice but to sleep on the sidewalk of 5th Avenue.
Enter Bill de Blasio. In his campaign for mayor acknowledged de Blasio thatthis pernicious inequality imperiled community structure, cohesion and intergenerational mobility of America's Largest City. He responded to this crisis with an audacious Proposal: universal preschool Funded By 1:05 per cent Increase in marginal tax rates on the wealthiest New Yorkers. And the End of the campaign, heh Delivered on a party of his campaign promise. Thanks to de Blasio went over 50,000 Four Year Olds to kindergarten in September. 20,000 more starts in September 2015. Parents, social scientists, teachers, and kids love the program before kindergarten.
Still love the rich programs. After a public and contentious battle with Governor Cuomo load running, de Blasio Agreed to finance his signature initiative with $ 300 million from the state of New York. Meaning: No new taxes on the rich. The richest 40.000 New Yorker never SAW ITS highest rate rise from 3.9 percent to 4.4 percent. Millionaires and billionaires, who had criticized de Blasio original Proposal as an "offensive", "absurd" and "Soviet" form of "eugenics," celebrated. (Note the 1 percent: comparisons between progressive taxes and totalitarianism getting a little tired).
The Blasio Administration HAS Recently pivoted to Other major policy Priorities, Particularly affordable housing and criminal justice reform. Management Should Still Not possible on fighting for fair taxation. Actually needed progressive taxes in New York now more than ever.
America's income inequality problems pale in comparison With that of New York. In 1980, the richest 1 percent New Yorkers home 12 percent of the City's revenue. 2012 Collected the 1 percent around 40 percent of the City's revenue. Load month, the Census Showed That no other county in America had a larger income bay than Manhattan, where the richest 5 percent overall income's 88 Times Greater Than the bottom 20 percent. New York's Gini coefficient (a measure of inequality) are Higher than Those of the US, Hong Kong Zambia and Mexico. So lapidary by the Institute for Policy Studies, New York "Has Become the most unequal major city of the world's most unequal helpfull nation."
Conservatives argue Mayor de Blasio Wants to redistribute income. Yet Unregulated market forces Already redistributing income in New York, as wealth trickles up from the middle and working class to the rich. Consider a recentchanges report from the Fiscal Policy Institute. From 2000 to 2010, the "median income of the eight wealthiest neighborhoods jumped 55 percent," the median income Declined "3 percent in middle-income areas and 0.2 percent in the poorest neighborhoods." According To CUNY Graduate Center, the median income in the last 20 years of the top 1 percent of New Yorkers soared from $ 452,415 to $ 716,625, an Increase of nearly 60 percent. The highest decile thrived well; Their median household income climbed from $ 205,193 to $ 262,010, growth of about 30 percent. But the bottom ten percent of New Yorkers were closed by this prosperity. Their Incomes rose at a rate That is slower than the rate of inflation, inching up to $ 9,455 from $ 8,468. And an annual income of $ 9,455 is simply Insufficient to Meet Basic Human Needs and raise a family in New York City.
The Conservatives Will Counter That progressive taxes would stifle economic growth, Lack of Initiative Private Investment and incite a mass exodus of city cars and Their Birkin bag-carrying passengers from the Big Apple. No, no and no. As noted by Standard and Poor's, the US income inequality inhibits the growth of "disappointing trade, investment and hiring," and by limiting social mobility and the development of a highly educated workforce. You do not need an economist at S & P to understand a fundamental truth: to grow the economy, we must Reduce income inequality. And reasonable progressive taxes and transfers Has a long and successful track record of Reducing wealth disparities. Mayor de Blasio's original Proposal is extremely modest. Wealthy New Yorkers paid higher marginal tax rates (4:46 and 4:45 percent) During The last two mayors (David Dinkins and Michael Bloomberg) than They excellant in The Proposal. Evidence That The Rich Will depart pilots are scarce at best.
To Increase the marginal tax rates on the wealthiest New Yorkers are an Effective, direct and symbolic way to combat inequality. Mayor Should overpriced complement this change with pied-à-terre tax on second homes in New York City valued at over $ 5 million, Which excellant ENSURE non - New Yorkers who use municipal services Contribute to The City. Because of archaic Budgetary Rules May de Blasio Albany's blessing before Implementing a FairTax. He must not give up to get that approval. The speaker of the New York Assembly, a strong majority vote of voters, even some upstate Republicans to allow New York City to raise taxes on New York City's residents. Mayor Mayor de Blasio won with the task of combating inequality, and he'll spend his political capital.