New York State: Inequality & the Struggle to Redistribute Wealth. Part I: NY State Workers & Students Are Under Attack. Governor Cuomo wants to close a $9 billion deficit by :. Cutting $2.3 billion from Medicaid, reducing services for poor patients.
These cuts will result in less student mentoring and guidance, higher tuition, fewer full-time faculty, higher dropout rates, and larger class size!!!
Home in Scarsdale, NY
Part of NY State income that goes to the richest 1% of New Yorkers
So the wealthiest 5% of NY residents have almost the same amount of income as the other 95%!!
Between 1998 and 2000, the NY State legislature – which received millions in campaign contributions from business -- lowered corporate taxes by $3 billion over a 5-year period.
Table of campaign donations and resulting tax benefits to NYS corporations
Income is even more concentrated at the top in NYC than in NYS
Part of NYC income earned by richest 1%
New York State has 44,000 millionaires, half of whom live in New York City.
Goldman Sachs paid $16.2 billion in bonuses in 2010 ($498,000 per employee on average)
2007: CEO Lloyd Blankfein got $53 million in pay & bonuses
In 2009, the median income for the wealthiest 5% of Manhattan residents was $857,000. This top group had TWICE the total income of those in the bottom 60%!
Crumbling Walls in a Bronx Apartment
Top marginal tax rate on the very wealthy
(70% in 1980, 35% today)
If the income of America’s top 13 hedge fund managers had been taxed as ordinary income last year, rather than as capital gains (taxed at only 15%), the extra revenue could have paid for 300,000 more teachers.
To pay for the services we need – schools, hospitals, day care, transit – and for livable wages and benefits (including pensions and medical coverage) we should demand a radical redistribution of wealth by:
When we look at all NY State taxes – including property and sales taxes – the wealthy pay a smaller part of their income than middle-income and low-income workers.
If we add the revenue from the millionaire’s tax to that of the stock transfer tax, the extra revenue would entirely eliminate the deficit and provide a surplus to be used to improve schools, mass transit and other services.
THESE PROPOSALS WILL BE FIERCELY OPPOSED BY THE VERY WEALTHY!
The billionaires and millionaires in the U.S. – the owners of big companies and banks – use a fraction of their tremendous wealth to:
The owners of the big corporations control politics at the federal, state and city level by:
Bob Herbert, New York Times, 1/12/11
Some of the NYC elite who have contributed to Cuomo’s campaigns
One such group is the Committee to Save New York:
60,000 Wisconsin workers rally at the State Capitol to protest anti-labor legislation
1. Organize mass rallies and strikes against layoffs, cuts in education and other services, and attacks on the benefits and rights of public workers.
CUNY faculty and students unite with Stella D’Oro strikers & other workers in a rally at City Hall.
Mass uprisings in Egypt & Tunisia inspire people throughout the world
“In defense of our jobs and the rights of the people.”
Is another world possible? A world without: today, will hurt students tomorrow.
Joblessness and job insecurity, homelessness and lack of health care, poverty, racism and sexism, job dissatisfaction, exploitation, wars, imperialist domination, alienation, hunger, national rivalry, inequality, homophobia, illiteracy, ecological destruction, global warming, . . .
Our futures depends on what we decide.
Important Sources today, will hurt students tomorrow.