Twenty-two members of the New York City Council are calling on state lawmakers to pass legislation that would allow the city to raise taxes on its wealthiest residents, as New York City faces a $5.4 billion budget gap.
According to the Norwood News, the council members released a joint letter on Wednesday, urging Governor Kathy Hochul and the State Legislature to pass the Fair Share Act — a bill that would give New York City the power to impose a 2% income tax increase on residents earning more than $1 million per year.
“It is time to tax the rich,” the 22 members wrote in their joint statement. They added, “It is the working class fleeing the city at an alarming rate,” pushing back against concerns that wealthy residents would leave if taxes rise…