As a New York millionaire, I’ve had the privilege of enjoying everything this state has to offer: its vibrant culture, world-class infrastructure and unparalleled opportunities that are only afforded to the wealthiest few.
But I also see the glaring inequality that surrounds us. Every day, working families and low-income New Yorkers face rising rents, soaring health care costs and stagnant wages, while many of us at the top continue to accumulate wealth at a staggering rate. This is a product of a tax system that allows some of us to pay far less than we should, while working people are buried under rising costs. It’s time for that to change.
In another life, I was a managing director at BlackRock, the world’s largest asset management firm. In this role, I saw firsthand how financial systems — like our tax laws — were designed to largely benefit wealthy investors like me over people who work for a living. This isn’t just unfair — it’s unsustainable. That’s why I joined Patriotic Millionaires, a group of millionaires demanding a political economy that works for everyone, not just the wealthy few, by ensuring the richest pay their fair share in taxes.
While many New Yorkers struggle, those with the greatest capacity to pay are getting off easy. Investors like me and other members of Patriotic Millionaires pay lower tax rates on money we make from our wealth than nurses, teachers, bus drivers, firefighters and so many others. Contrary to what some believe, these incredibly low tax rates for the ultra-rich never “trickle down,” create jobs, or stimulate the economy.
Instead, these policies let us grow our wealth for us, and only us. As a result, we can pass down wealth to our children and grandchildren that may never be taxed. This system that favors the super-rich has deepened the economic divide in New York. While 2.78 million New Yorkers live in poverty, New York billionaires are $331.8 billion richer than they were seven years ago. One in 24 New York City residents are millionaires.
Economic inequality will only worsen as a result of congressional Republicans’ and President Trump’s push to slash funding for vital programs like Medicaid and public education to pay for tax cuts for wealthy people like myself. More than seven million New Yorkers rely on Medicaid; 2.9 million people rely on SNAP benefits to put food on the table; more than one million people use federal rental assistance to keep a roof over their heads. We cannot afford to sit idly by while our state’s most vulnerable residents are left behind.
We need Gov. Hochul and state leadership to counteract these federal cuts and address the growing affordability crisis that is driving working-class New Yorkers out of our state. And the best way for them to do that is to ensure people like me pay our fair share in taxes.
The Invest in Our New York campaign offers a path forward, with several key proposals aimed at fixing our broken tax system and generating the public funds needed to invest in essential public services. These reforms include tax increases on highly profitable corporations that do business in New York, adding a surcharge to New York’s capital gains tax to ensure income from capital is taxed at the same rate as income from labor, creating an heirs tax, and other measures that will make the tax code fairer and more equitable.
These proposals are practical, common-sense solutions that would make our tax system more sustainable for all New Yorkers — and despite the opposition’s claims, research clearly shows that these policies will not drive the ultra-wealthy out of New York. In fact, making people like me pay our fair share is incredibly popular: 73% of New Yorkers believe the state should increase taxes on the highest earning individuals and profitable corporations instead of cutting services to address any budget shortfall.
I urge the governor and legislative leaders to listen to the voices of the people and enact these critical reforms. Millionaires like me have a responsibility to contribute to the well-being of our state, and our elected leaders have a responsibility to make sure that happens.
Pearl is the chair of the Patriotic Millionaires and a former managing director at BlackRock. He advocates for a fair economy, focusing on taxing the wealthy, fair wages, and political reforms.
