New York, NY – March 25, 2021 – Today, the New York City Council voted to adopt Resolution 1583, introduced by Council Member Francisco Moya, calling upon the New York State Legislature to pass, and the Governor to sign, S.4482/A.5092, to establish the billionaire mark to market tax act, and to use the revenue generated to establish an excluded worker fund.
“The very people that were on the frontlines taking care of us, feeding our families, and keeping our city moving; who paid taxes contributing millions providing relief for so many were excluded from getting assistance during one of the worst pandemics of our time. For us to work towards a real recovery from COVID-19 means that we cannot leave behind those that have suffered the brunt of this pandemic and who contributed and sacrificed so much for us. The rich can’t keep getting richer while New Yorkers struggle to make ends meet,” said NYC Council Member Francisco Moya, who represents District 21 in Queens. “This resolution establishing a billionaire wealth tax would raise the billions we urgently need and create the opportunity for excluded workers to get much needed relief after what has been a devastating year. It’s how we will recover from this pandemic equitably and with dignity. I thank the advocates, my colleagues in the City Council and the sponsors in Albany for pushing for this.”
“We’re grateful for Council Member Francisco Moya and Speaker Corey Johnson’s recognition of the urgent need to fund excluded workers and tax the rich. The most vulnerable workers in New York haven’t received a cent of relief for the past year, while the wealthiest New Yorkers have made billions. It’s our responsibility to listen to workers and include the $3.5 billion fund in the state budget that they have been demanding, which would give excluded workers the same lifeline other workers have been able to receive,” said Deb Axt, Co-Executive Director of Make the Road NY.
The imposition of this tax would raise up to $23.3 billion in its first tax year and $1.2 billion or more in subsequent tax years. This billionaire wealth tax would raise the billions urgently needed and could benefit 274,000 people, including 187,000 undocumented immigrants and 87,000 people leaving incarceration who have been excluded from receiving unemployment and certain federal stimulus benefits.
CONTACT: Carolina Valencia – 917-902-0185, cvalencia@council.nyc.gov.
Council Member Francisco Moya represents the New York City Council’s 21st District, which encompasses East Elmhurst, LeFrak City, parts of Jackson Heights and his native Corona. He chairs the Subcommittee on Zoning and Franchises and sits on seven other committees: Civil Service and Labor; Cultural Affairs, Libraries, and International Intergroup Relations; Finance; Immigration; Land Use; Parks and Recreation; and Hospitals. Council Member Moya also serves as the vice co-chair of the Black, Latino, and Asian Caucus (BLAC). For more information, please visit council.nyc.gov/francisco-moya/.