Friend,

It’s Tax Day!

If you paid at least $1 in federal taxes this year, there’s a good chance you paid more than many of our country’s biggest, most successful corporations!

It doesn’t just stop with corporate loopholes! The average tax rate for American billionaires is 8.2%, and the average working American pays 13.3% in federal income tax. 

We have over 120 billionaires living in New York who generate their income through investments that do not get taxed unless an asset sells. As many of these wealthy individuals do not need to sell these assets, they often pay zero dollars in taxes.

In the two years since the pandemic began, New York’s billionaires' collective wealth grew by $88 billion richer, almost 17%. During this time, New York families struggled to make ends meet. Over 400,000 residents collected unemployment, small businesses closed by the thousands, and 20% of residents reported being behind on their rent.

It’s time our billionaires pay their fair share. That is why I’ve introduced the Billionaire Mark to Market Tax Act to address the growing wealth inequality crisis in our state and close loopholes that allow the wealthy to avoid paying taxes and the burden falling on middle and working-class families. 

While I work in the Senate to close these loopholes and tax the rich, don’t forget to file your taxes by midnight tonight.

Let’s make our state fairer across the board!

In Solidarity,