Politics & Government

Avella Joins Buffett in Supporting "Millionaire Tax"

Taxing the super-rich would ease the financial burdens of a currently cash-strapped state, Avella said.

On Thursday, Sen. Tony Avella, D-Bayside, sent a letter to Gov. Andrew Cuomo, urging him to help pass legislation that would take the so-called "millionaire tax" from Opinion page pontification to reality.

In an op-ed published in the New York Times on Sunday, Berkshire Hathaway chief executive and known billionaire Warren Buffett declared his support for the "millionaire tax," a measure that would raise the rates of taxable income of anyone earning more than $1,000,000 per year.

Avella echoed the sentiments of the famous investor, saying that as of now, the mega-rich are not paying their fair share.

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"We need to ensure that the responsibility for the cost of meeting our fiscal responsibilities does not rest solely on the shoulders of our middle class and working class families who have little resources and, when faced with the reduction of services, stand to have even less," Avella wrote in the letter. "We need those who can stand to give a little more to do so."

According to a statement from Avella's office, the legislation could raise as much as $4.16 billion in revenue for the state of New York.

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Buffett's remarks were met with strong reactions from both sides of the aisle. Liberals - including President Obama - generally applauded Buffett's stance, while conservatives suggested Buffett and the rest of his billionaire cohorts simply write the federal government a large check instead.


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