ALBANY, N.Y (NEXSTAR) — Citizen Action of New York, lawmakers, and advocates held a rally on Thursday, October 17 at Albany City Hall. It was part of a coordinated statewide push for the Invest in Our New York (IONY) Act.
Besides the capital, they held rallies in Poughkeepsie, Buffalo, and New York City. Campaigners aimed to introduce local resolutions—in those four cities and Newburgh—to pass five bills in the state legislature. They are:
S2162 / A2576 , which adds a tax on income earned from capital gains and stock dividends, balancing the federal approach of taxing wages at much steeper rates than long-term investments. Rates would be phased in gradually, with joint filers making over $500,000 taxed at 7.5%. Those making over a million a year in the stock market would be taxed at 15% on those earnings. The language of the bill includes a projected annual income of $7 billion, though literature from the campaign theorized it would raise over $12 billion.
Hochul announces plan to cut energy bills
S1980 / A3690 would tax big business and pass-through income—company profits that go directly to owners or investors—to undercut 2017’s federal Tax Cuts and Jobs Act. The law raises tax rates on companies making over $2.5 million, with those making over $20 million taxed at 14%. It also lowers the state pass-through tax rebate from 100% to 75%. It would increase taxes on profit shifted to other countries and reduce which deductions businesses can take. The IONY campaign argued that it would raise over $7 billion each year…