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Letter to the Editor: Raising Revenue for Medicaid and More


mid hudson valley

(photo: Governor's Office)


To The Editor,

I read with interest Gerald Benjamin's op-ed, Minding the Medicaid Gap, published on January 24, 2020. It's an excellent deep dive into the funding and administration of Medicaid at the state and local level.

I disagree, however, that raising taxes is necessarily unpalatable. Experts have identified ways to raise $40 billion in revenue, per year, by taxing New York's wealthiest individuals and corporations. Here's what we can tax, all without hurting Medicaid recipients, low- and middle-income families, and local governments:

-Second homes worth over $5 million
-Vacant luxury homes and commercial properties
-Annual Income over $5 million with additional tax brackets
-Carried interests (so hedge fund managers can't duck income taxes)
-Stock transactions
-Stock buybacks
-Companies that overcompensate CEOs
-Foreign companies that benefit from Trump tax breaks

Unlike a regressive sales tax, these revenue-raisers would only tax big corporations and the ultra-wealthy. This is how we can meet our state's needs for healthcare, housing, education, transportation, and climate justice. All we need is political courage on the part of Governor Cuomo and the New York State Legislature.

For readers who would like to learn more, nybudgetjustice.com, strongeconomyforall.org, and fiscalpolicy.org all offer information about these revenue-raising options.

Sincerely,

Carolyn Kelly
Manhattan

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