One example is Industrial Development Agencies (IDAs), which grant tax exemptions and other incentives to businesses. In 2011, 46% of projects receiving support IDAs, lost jobs, failed to create a single job, or never made any job promises. 94 subsidy agreements that ended in 2011 lost jobs. These businesses originally agreed to create a total of 5,971 jobs. Instead, they lost 17,017 jobs. We can’t afford this.
So ask yourself, which services should we cut? Funding to your child’s school? Repairs on the road or mass transit route you take to work every day? The police officers patrolling your community? Or, how about care for the disabled?
The result is increasing income inequality. Nationally, the top 1% controls 22.5% of income. In New York State, the top 1% controls 30.3%, and in New York City, the number is 38.6%. Our tax system only exacerbates the problem. The top 1% pays 6.9% of their total income in state and local taxes, when you account for the federal offset, while everyone else pays over 10%.
The lack of access to quality and affordable child care, for example, is a barrier to workforce. We must do more as a state to bridge the gap and allow more New Yorkers to be productive parts or our economic engine.
But, we’re no better off. Unemployment and underemployment are all too common, wages are declining, and poverty is pervasive.
That is why we need YOU to join the fight and pledge to make NY work for all! Click here to take the pledge.