Who asks for more taxes? Those who are already rolling in it.
A group called Responsible Wealth project has circulated a letter specifically for high income New Yorkers to sign a petition asking Governor Cuomo to support Mayor De Blasio’s plan for funding universal pre-kindergarten for all eligible young New Yorkers, which includes a tax on high earning city residents. The website asks for folks who earn more than $200k, though the hoi polloi can sign onto the letter, checking on a special box for those earning less than the stated amount.
“In order to remain globally competitive, we must maintain a well-educated workforce. Universal pre-k and after-school education programs significantly improve our children’s chances of succeeding academically early on, and later professionally,” said Leo Hindery, Jr., Managing Partner of InterMedia Partners and former CEO of YES Network “A small tax on those best able to afford it is a smart and ethically responsible way to fund this critical investment.”
“We are proud to have helped organize this letter in support of New York City’s pre-k and after-school plan, and hope the state’s leaders in Albany will listen to the voices of those New Yorkers who are willing to pay a little more for this smart investment in our future,” said Mike Lapham, Director of the Responsible Wealth project, a network of business leaders, investors, and inheritors in the richest 5% of wealth and/or income in the US. Responsible Wealth is a project of the non-profit United for a Fair Economy.
Dear Governor Cuomo and Legislative Leaders:
We are upper-income New York City residents who support Mayor Bill de Blasio’s plan to raise a small tax on the wealthiest among us to fund an expansion of early childhood education and after-school programs. We believe this plan is a sound investment in the long-term economic success of our city.
This tax is not only fair, but is necessary to create the level of dedicated funding required to make a real commitment to expanding high-quality Pre-K programs and reach more children. New York State first committed to the goal of universal pre-k in the late 1990s, but without adequate funding, there has not been enough progress on making programs truly universal, and pre-k funds have been subject to cutbacks in bad economic times.
The return on investment in high-quality pre-kindergarten and after-school programs is unparalleled; a 2010 report from the United States Chamber of Commerce’s Institute for a Competitive Workforce found a savings of up to $17 for every $1 invested in pre-k. Ensuring that children are prepared to start school and succeed once they get there not only improves their chances of attending college and earning higher wages, but reduces the need for future spending on special education, incarceration, and public benefits. This benefits us all.
With a modest half-percent tax on those making more than $500,000 per year, we can make huge strides toward leveling the playing field for children by closing the achievement gap between low-income students and their higher-income peers.
We firmly believe Mayor de Blasio’s plan is the best way to ensure economic prosperity for our city, both now and in the future. We are willing to do our part, and hope you will do yours. We respectfully urge you to support this fiscally sound plan, to ensure that the investment we make in our children has a solid and long-term foundation.
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