Several Black, middle-class New York City residents are speaking out against the Democratic Socialists of America’s proposed plan for tax hikes, saying it would cost them the years they spent financially building, the New York Post reported.
The proposal includes higher taxes for individuals who make more than $300,000 in addition to taxing on inheritances over $250,000. Lorraine Smith-Singleton of Jamaica, Queens, feels it would hurt the Black residents who spent decades building retirement accounts, paying off homes, and estate planning to benefit loved ones. “The reason you invest is to acquire wealth with the hopes of putting it towards your legacy, for your family — and this will greatly affect my family,” the retired 77-year-old nurse said.
Laurelton, Queens resident and 58-year-old consultant James Chavis called the plan “feels un-Democratic” and “extremely unfair.” “As an African-American homeowner, I think it’s extremely unfair to most middle- and upper-middle-class New Yorkers to raise taxes, especially when incomes are not increasing in our current economic environment,” Chavis said.
”The super-rich manage to skirt the tax by whatever means, and the middle-class continually carries the burden. It’s the reason that so many have chosen to leave the State of New York and New York City.”
Democratic leaders like New York State Senate Majority Leader Andrea Stewart-Cousins have continued to push the plan to increase taxes on the state’s wealthy and
corporations, going against Gov. Kathy Hochul, who is against the idea. Despite pushback from the niche demographic, Stewart-Cousins calls it a “robust progressive and corporate tax proposal,” with a “version of a millionaire’s tax.” “I think I’ve said repeatedly that we are certainly trying to meet the moment, and revenue raisers will certainly be part of our package,” she said, according to CBS News.All eyes are on Hochul after her record $260 billion state budget proposal failed to include any income tax raises, despite pressure from Big Apple Mayor Zohran Mamdani, who has continuously called on the state to “tax the rich.” Democratic Socialists of America’s “Tax the Rich” campaign co-chair Batul Hassan said she needs to pick a side. “This will be Hochul’s tax on homeowners if she refuses to choose a side and tax the super rich,” Hassan said.
Without support from the state, Mamdani claims he will have no choice but to raise property taxes by 9.5% and raid the city’s reserves. While Smith-Singleton is in favor of his “millionaire tax” plan, she feels it shouldn’t be at the expense of working New Yorkers — regardless of race. “I favor taxing the rich — the super-rich, but I’m not in favor of taxing middle-class working people. I own two properties, and I intend to give whatever’s left to my children, not the government,” she said.
“It doesn’t matter if you’re black, white, yellow, green, or purple! it doesn’t matter! If you fall into a certain category, your family is gonna be affected, and it is so unfair. We already pay more taxes now than what we should be. Everything is sky high.”
But it seems a majority of New Yorkers are on Mamdani’s side as a Siena poll shows 62% of residents are in favor.
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