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Finally, New York’s Implementing a Wealth Tax.
It’s been a series of legislative wins in the Empire state.
For anyone who follows United States politics at all, it’s no secret that the state of New York is among the most representative of the institution, the machine that is the Democratic party and the corporate interests that shape it so extensively. That said, in recent weeks, there have been a series of legislative wins for those among the more progressive wing of the party. After years of promising to do so and falling short, my state finally voted to not only legalize marijuana, but expunge past convictions and concentrate the majority of the wealth expected to be generated by its legalization to the communities most affected by its criminalization. It doesn’t end there. In a move that could potentially bring in revenue amounting to $4.3 billion a year, the state is poised to vote on and implement a wealth tax beginning with those who earn more than $1 million a year.
Needless to say, it is long past due.
New York State is home to some of the nation’s most wealthy. The home of Wall Street, banks, venture capitalists and the like, and subsequently home to a significant portion of the country’s capital. Instead of that wealth being hoarded by some of the world’s richest people, the money would be reinvested into the…
