New York Millionaires Ask the Governor to Raise Taxes on the 1 Percent

More than 40 millionaires in New York state have signed a letter to Governor Andrew Cuomo and other lawmakers proposing a tax hike for the wealthiest residents, to help pay for infrastructure repairs and alleviate poverty.

The letter proposes a so-called "one-percent tax plan," which would raise levies on the biggest earners to subsidize rebuilding of bridges, tunnels, waterways, and roads. Funds would also contribute to mitigating chronic social problems such as homelessness and child poverty, according to the letter provided to the Associated Press.

"As New Yorkers who have contributed to and benefited from the economic vibrancy of our state, we have both the ability and the responsibility to pay our fair share," the letter reads. "We can well afford to pay our current taxes, and we can afford to pay even more."

The tax plan was drafted in conjunction with an economic think tank, the Fiscal Policy Institute. Signatories of the letter include millionaires like filmmaker and Walt Disney company heiress Abigail Disney and professor and Rockerfeller Brothers Fund trustee Steven Rockefeller.

Last month, New York State Assembly Democrat Carl Heastie co-sponsored a bill requiring residents earning between $1 million and $5 million to pay the state's current top tax rate of 8.82 percent, while those earning $5 million to $10 million would pay 9.32 percent. The proposal would raise taxes for around 56,000 taxpayers and would raise an estimated $1.7 billion a year. The bill has been referred to the Ways and Means committee and has yet to receive a vote.

Some Republicans in the assembly rejected outright the proposed legislation.

"Whether it's income taxes, property taxes, business taxes, user fees, or tolls, we don't support raising taxes or asking hardworking New Yorkers to dig deeper into their pockets to pay more," Senate Majority Leader John Flanagan said at the time.

Cuomo's office did not immediately respond to a request for comment Monday.

Economic injustice has been a major theme in the 2016 presidential elections for Democratic candidates. Vermont Senator Bernie Sanders has proposed tax hikes on the wealthiest Americans, establishing four tax brackets of 37, 43, 48, and 52 percent, with the highest bracket paid by those earning over $10 million. Meanwhile former Secretary of State Hillary Clinton has proposed a 4 percent surtax on income over $5 million and raises on medium-term capital gains.