April 15, 2013
By Neal Tepel
NEW YORK, NY – As New Yorkers streamed into post offices to file last-minute tax returns, Public Advocate Bill de Blasio took the unusual step of urging a tax increase on the wealthiest New Yorkers. De Blasio has a plan to provide every four-year old child with pre-kindergarten and dramatically expand after-school programs for middle schoolers—and has called for a marginal tax increase on incomes over $500,000 to pay for it.
“We can literally change the future for tens of thousands of our kids by asking New Yorkers who are doing very well to pay a little bit more. With less than a penny on the dollar, we can ensure every child gets a full day of pre-k and every middle schooler has a safe place to go after school. It’s the best investment we could make as a city,” said Public Advocate Bill de Blasio.
According to de Blasio’s plan: A New Yorker earning $750,000 currently pays 3.7¢ on the dollar in City income taxes. De Blasio’s plan would ask them to pay 0.1¢ more on each dollar.
The marginal tax increase would be borne by 44,200 New Yorkers—or 1 percent of the City’s earners—with an average income of $2.7 million. It would provide full-day pre-k seats to 48,000 children who currently lack them, and give 120,000 middle schoolers a place to stay on-task and off the streets after school between 3 and 6pm.