Jumaane: Hit up rich for Medicaid $
State lawmakers should oppose cuts to Medicaid and tax the ultrarich to cover any funding shortfalls amid the coronavirus pandemic, city Public Advocate Jumaane Williams said Tuesday.
“There are people who have the ability to help us get through this, and these are ultrarich folks,” said Williams (inset).
Under one proposal, the top state income tax rate would extend to 11.82% for those who earn $100 million or more, and new brackets would be established for millionaires making less than that. The plan is expected to bring in some $4.5 billion annually in tax revenue.
“We are asking now for budget justice,” Williams said. “There’s a difference between … you maybe not being able to use your private jet one extra time and completely devastating someone’s life because they don’t have the medical care they need.”
Williams said the tax hike would only apply to New Yorkers less affected by the economic fallout of the coronavirus pandemic.
“The ultrarich among us are going to get through this financially in a way that most folks won’t,” he said.
The measure is unlikely to gain traction.
Gov. Cuomo has repeatedly shot down the idea of increasing taxes on the rich, arguing that additional levies will drive the wealthy from the state in droves.
With the state facing a $6 billion Medicaid-induced budget gap, in January Cuomo called for an overhaul of the program that would push billions in costs onto New York City and other localities.
A task force unveiled a plan last week with $2.5 billion in savings, including a $400 million cut to state and city hospitals over the next year.