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New York, like California, has a large cohort of billionaires. To be exact, there are 118 billionaire families in New York. Despite the desperate financial condition of the state, Andrew Cuomo refuses to raise the taxes on the top one-tenth of 1%. Cuomo says that if he raised taxes on the billionaires, they would move to another state.
Walker Bragman and David Sirota explain another reason why Cuomo won’t raise taxes on the billionaires: one-third of them are donors to Cuomo’s campaigns, and clearly he has aspirations to run again for higher office.
As that campaign to tax billionaires received a recent boost from Congresswoman Alexandria Ocasio-Cortez and New York’s Democratic state legislative leaders, Cuomo has insisted that he fears that the tax initiative will prompt the super-rich to leave the state. On Wednesday, he doubled down, warning that if the state tried to balance its budget through billionaire tax hikes “you’d have no billionaires left”.
But in defending billionaires, Cuomo is protecting a group of his most important financial boosters. More than a third of New York’s billionaires have funneled cash to Cuomo’s political machine, according to a Too Much Information review of campaign finance data and the Forbes billionaire list.
So the people who can easily afford higher taxes to pay for public services should be protected from higher taxes, which for them is chump change.