Saturday, March 15, 2014

Stop Governor Cuomo's Giveaway to Wall Street Banks; Stand Up For the Middle Class

New York State-- Governor Cuomo has laid his cards on the table. He could care less about maintaining state revenues and preserving any resemblance of quality public services in our local communities.

The 2014-15 Executive Budget is disproportionately harmful to the middle class and working poor. Tax breaks for wealthy Wall Street CEO's is no way to balance a budget--- especially when NY sports the biggest income inequality quotient in the nation. It's time we have a budget that serves the interests of everyone.

At a time when homelessness and food insecurity is at an all-time high, while our infrastructure is crumbling around us, and our local governments are struggling to provide the necessary services residents require, New York State taxpayers should demand a budget that works for everybody in our local communities. We should not be giving wealthy corporations, Wall Street banks and Fortune 500 families’ hundred million dollar tax breaks at the expense of everyone else. The lost revenue will devastate public services and our quality of life.

Last time we checked, when you tax income progressively, no one dies. This budget will dismantle our social safety nets, and undoubtedly people will suffer because of Governor Cuomo's Election Year budget "priorities."

On tops of this, a few days ago NYS Comptroller Thomas DiNapoli released a report that revealed Wall Street is currently enjoying a run of five straight profitable years, including the three best years on record. Furthermore, the average bonus paid to Wall Street employees grew by 15 percent to $164,530 in 2013.

While Wall Street is profiting, many of our communities are struggling. Rather than protecting services and the middle class, Governor Cuomo has proposed a budget that would eliminate the dedicated Bank Tax. This would create a windfall for the banking institutions that helped create the Great Recession in the first place. Our state should focus on reducing inequality instead of giving huge tax breaks to Wall Street banks. Please take action today.

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