MYTHS vs FACTS

TRUTH ABOUT THE COMMON ARGUMENTS

Asking the ultra-wealthy to pay their fair share not only makes sense in a time of growing wealth inequality, it's also popular.

But beware of Zombie Myths: They've been debunked for a long time, but they just won't die. These are the same old tired exaggerations, scare tactics and straight-up lies that the ultra-rich (and their highly paid lobbyists) will once again start spouting out at the mere mention of a tiny tax increase.

ZOMBIE MYTH:

New York has the highest tax rates in the country.

FACT:

New York's tax rates are on par or lower than neighboring and competitive states.

FACT:

Several other states' highest tax bracket kicks in much earlier than other states.

Some tax rates and top rates and top tier levels

0

for those earning $25 million or more

0

for those earning $1.4 million or more

0

for those earning $1 million or more

0

for those earning $200,000 or more

ZOMBIE MYTH:

The wealthy will leave the state if we raise taxes.

FACT:

Millionaires move out at 1/4 the rate of the general population.

FACT:

The number of millionaires and billionaires in New York has GROWN over the past 10 years.

FACT:

When the wealthy do move, 73% go to other high-tax states.

FACT:

Those leaving New York at the highest rate are those making $32k - $65k; not the ultra-wealthy.

ZOMBIE MYTH:

The public doesn't support raising taxes on the ultra-wealthy and corporations.

FACT:

75% of New Yorkers in both parties support higher taxes on incomes over $5 million.

FACT:

80% Americans believe wealthy individuals and corporations don’t pay their fair share.

Ignore the Myths

The vast majority of New Yorkers aren't falling for the myths. They know that the same state that has some of the highest concentrations of ultra-wealthy shouldn't have millions living in poverty.

THE INEQUALITY CRISIS