Millionaires in New York want their taxes raised

In a unique open letter to the Guardian newspaper, New Yorkers with millionaire status have called for the government to raise their taxes in order to support the economic stability of the business. They mention that the top tier earners must sacrifice some of their own income to help the entire state prosper economically. Here at International Tax Search, we commend the candidness of this letter and also call on the US government to keep the fortunes of families on low incomes in mind during the fierce debates in the lead up to the 2016 election. 

In the letter, they mention: 

The question is: how do we pay for those investments? In the spirit of shared sacrifice, we, the undersigned, call for a balanced solution that includes maintaining, expanding, and making permanent the top marginal income tax rates for upper-income New Yorkers like us who can afford to pay more. Specifically, we urge the governor and the legislature to implement the 1% Plan for New York Tax Fairness, which calls for new marginal rates of 7.65%, 8.82%, 9.35%, 9.65% and 9.99% for brackets starting at $665,000 (the top 1% of earners in our state), $1 million, $2 million, $10 million and $100 million, respectively. We also urge our elected leaders to make permanent the lower tax rates for working families, ranging from 4% to 6.85%, before they expire next year.

To read the letter in full, follow this link