Rally Held to Push for the Passage of the Invest in Our New York (IONY) Act
A rally was held at Albany City Hall, as well as in Poughkeepsie, Buffalo, and New York City, to push for the passage of the Invest in Our New York (IONY) Act. The act aims to introduce five bills in the state legislature to create a more fair tax code and reduce income disparities across the state.
Key Components of the IONY Act
The IONY Act consists of five bills, which are:
- S2162/A2576: This bill adds a tax on income earned from capital gains and stock dividends, with rates gradually phased in for joint filers making over $500,000. Those making over $1 million a year in the stock market would be taxed at 15% on those earnings.
- S1980/A3690: This bill taxes big business and pass-through income, which would raise tax rates on companies making over $2.5 million to 14%. It also lowers the state pass-through tax rebate from 100% to 75%.
- S2059/A3115: This bill raises income taxes on high earners, but not on the middle- or working-class. The tax rates would start at 4% for those making under $17,150 and rise alongside income.
- S1570/A3252: This bill taxes billionaires on their yearly capital gains, even if they haven’t sold the assets. It includes tax adjustments in case those gains were taxed already outside of New York.
- S2782/A3193: This bill limits how much wealth can be passed on without being taxed by changing the rules for inheritance, estates, and gifts. It aims to raise $8 billion annually.
Public Opinion on the IONY Act
A Siena Poll conducted by IONY found that 67% of registered voters approve of tax hikes for the highest 5% of New York’s earners and corporate profits. However, nearly half believe that doing so would cause those earners to leave the state.
Reaction from Rally Participants
Ashley Hardy, representing Citizen Action of New York in Buffalo, emphasized, "This isn’t about punishing the wealthy. It’s about fairness!" State Sen. Robert Jackson, a Democrat who represents Manhattan, said, "Let us be remembered as the builders of a future that not only balances our budget but enriches our community, securing prosperity for every generation to come."
Next Steps
The IONY Act will now be considered by the state legislature, with the goal of passing the bills and implementing a more progressive tax code in New York.
Frequently Asked Questions
Q: What is the Invest in Our New York (IONY) Act?
A: The IONY Act is a package of five bills that aim to create a more fair tax code in New York and reduce income disparities across the state.
Q: What are the key components of the IONY Act?
A: The five bills include adding a tax on income earned from capital gains and stock dividends, taxing big business and pass-through income, raising income taxes on high earners, taxing billionaires on their yearly capital gains, and limiting how much wealth can be passed on without being taxed.
Q: What is the goal of the IONY Act?
A: The goal of the IONY Act is to create a more progressive tax code, reduce income disparities, and provide funding for housing, childcare, healthcare, and public education.
Q: What is the public’s opinion on the IONY Act?
A: A Siena Poll found that 67% of registered voters approve of tax hikes for the highest 5% of New York’s earners and corporate profits, but nearly half believe that doing so would cause those earners to leave the state.
