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- By Jeffry Bartash, MarketWatch Consumer spending is not as bad as it looks. Neither is inflation Trying to figure out how the U.S. economy is doing early in a new year if often an exercis...
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Rich New Yorkers ask state to raise their taxes
By DAVID KLEPPER
From Associated Press
March 20, 2017 11:10 PM EST

ALBANY, N.Y. (AP) — Some of the wealthiest New Yorkers are asking the state to raise their taxes.

Eighty people including George Soros, Steven Rockefeller and Abigail Disney wrote to lawmakers and Democratic Gov. Andrew Cuomo saying they and other top earners should pay more to support schools, roads, bridges and programs to help poor and homeless residents of the state.

"Now is the time to invest in the long-term economic viability of New York," the letter reads. "We need to invest in pathways out of poverty and up the economic ladder for all of our fellow citizens, including strong public education from pre-K to college. And, we need to invest in the fragile bridges, tunnels, waterlines, public buildings, and roads that we all depend on."

The letter, a copy of which was obtained by the Associated Press, endorses a plan that would create new, higher income tax brackets for top earners to raise a projected $2 billion.

Many of those signing the letter are millionaires and all make more than $650,000, making them members of the state's top 1 percent when it comes to income.

The proposal is being pushed by the Fiscal Policy Institute, a liberal-leaning economic think tank.

Ron Deutsch, the Fiscal Policy Institute's executive director, said it was "refreshing" that so many of the state's richest residents are willing to contribute more.

Their proposal faces significant political obstacles in the state Legislature. While the Democratic majority in the Assembly has its own plan to increase taxes on millionaires, the Republican-led Senate opposes the idea. Lawmakers are now negotiating the details of the state budget and hope to have a deal in place by April 1.

"They support higher taxes on themselves so the state can fund our glaring human and physical infrastructure needs and have adequate revenue in place to handle pending federal cuts," he said.

A similar letter last year was largely ignored by lawmakers.

Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.