New York’s billionaires would pay about $5.5 billion a year under a new tax, as part of the “Make Billionaires Pay” campaign.
New York's billionaires would pay about $5.5 billion a year under a new tax being proposed by Democrats in the state legislature.
"It's time to stop protecting billionaires, and it's time to start working for working families," Rep. Alexandria Ocasio-Cortez, D-N.Y., said inLawmakers are proposing a new kind of mark-to-market tax on unrealized capital gains. Currently, taxpayers pay capital gains tax on assets only when they sell. The new policy would tax any gain in value for an asset during the calendar year, regardless of whether it's sold.
"If they want a tax increase, don't make New York alone do a tax increase — then they just have the people move to Connecticut. Let the federal government pass a tax increase," Cuomo said in a recent press conference. "And let them apply it all across the country, so you don't hurt any one state. Because if you take people who are highly mobile, and you tax them, well then they'll just move next door where the tax treatment is simpler.
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