Fair Taxes

Wealth inequity in the United States is one of our most pervasive problems, and New York’s working families see and feel it every day in our city. New York state’s tax burden is famously high, but working people pay at a higher rate than the wealthiest New Yorkers. This is as unjust as it is absurd. New York needs a robust progressive tax policy to ensure everyone pays their fair share, which means raising rates for the ultra-wealthy and helping push tax rates and the cost of living down for the lowest earners. With new revenue, New York can finally deliver on its broken promises and fully fund public education, housing, and transit. 

As Assemblywoman, Grace will support a progressive millionaires’ tax and a pied-à-terre tax on those who own second homes in New York City worth $5 million or more. She would also propose a 1% income tax on corporations headquartered in NYC with over $1 billion in revenue per year.

The top 10% -the wealthiest New Yorkers- pay a lower effective tax rate than the bottom 90%. Four new tax brackets on ultra-high income earners will generate significant revenues to invest in public goods, all while allowing for property tax relief for working-class New Yorkers. The wealthy do not need these tax credits while the top 10% is paying a lower effective tax rate than the bottom 90%.