New York Voters Support Taxing the Rich – Not Austerity – to Close the State’s Projected Deficit

Introduction

As part of a March survey of 669 likely New York state voters, Data for Progress tested attitudes on a number of issues including raising taxes on the wealthy to patch the state’s projected budget deficit and invest in public services. In this survey, we also tested the popularity of initiatives that provide state-funded housing assistance to homeless New Yorkers, and state-funded treatment to those suffering from opioid use disorder (OUD). We find that voters across New York want to raise taxes on the wealthy instead of cutting essential services to address the projected budget shortfall. Additionally, voters support state-funded assistance to New Yorkers suffering from homelessness and OUD, conditions that pandemic conditions have exacerbated. 

Voters Want to Tax the Rich to Address the State’s Projected Budget Shortfall

We started by asking voters a general question to gauge attitudes toward patching the state’s projected deficit. Specifically, we offered voters a choice between raising taxes on the wealthiest New Yorkers or cutting spending on healthcare, education, and other public services. By an overwhelming 58-point margin, we find likely New York voters prefer raising taxes on the rich over cutting services (73 percent want to raise taxes, 15 percent want to cut services). We also find high levels of support for this approach across partisanship, where self-identified Democrats, Independent / Third Party voters, and Republicans support raising taxes by 70-point, 47-point, and 44-point margins, respectively. 

We then asked voters about their support for a proposed package of new progressive taxes on the wealthiest New Yorkers. The revenue from this package would be used to patch the state’s projected multi-year budget deficit. Voters were specifically given a description of each tax in the package, including who would be affected and the estimated annual revenue generated by each proposal. This package includes a Progressive Income Tax that raises the income tax rate for those making more than $300,000 per year, a Capital Gains Tax, an Heirs' Tax, a Billionaires' Tax paid annually on investments, a Corporate Tax, and a Wall Street Tax that would place small taxes on trades of stocks, bonds, and derivatives.

We find that New York voters support this tax package by a 50-point margin (70 percent support, 20 percent oppose). The proposal is very popular among Democrats and Independents, who support these taxes by 74-point and 32-point margins, respectively. While this proposal is slightly less favorable among Republicans, raising taxes on the rich still enjoys majority support by a 20-point margin among GOP voters. 

We also wanted to measure support for these proposed taxes when voters were told that the combined revenue would be used to not only plug the state’s budget deficit, but also to invest in a number of public services. We find that voter support for this proposal remains overwhelming. By a margin of 53-points, likely voters say they support raising taxes on the rich to pay off the debt and finance public services. Continuing a trend of support across partisan lines, Democrats, Independents, and Republicans respectively back this proposal by margins of 75-points, 38-points, and 31-points, respectively.

 Housing Assistance 

As part of our survey, we also tested a proposal aimed at providing rental assistance to New Yorkers experiencing homelessness. This proposal would provide homeless New Yorkers with state-funded housing vouchers that would subsidize their housing costs. We found that likely voters overwhelmingly back this initiative by a 63-point margin (78 percent support, 15 percent oppose). Similarly, a majority of Democrats, Independent / Third Party voters, and Republicans support this proposal by margins of 80-points, 51-points, and 46-points, respectively. 

Treatment for Opioid Addiction

Voters were also asked whether they supported or opposed state-funded medication-assisted treatment for those suffering from opioid use disorder. By a 43-point margin, likely voters across the state say they support initiative. This proposal enjoys strong cross-party support by margins of 54-points, 31-points, and 34-points among Democrats, Independents, and Republicans.

Conclusion

Across New York state, voters strongly support a package of new taxes on the wealthiest New Yorkers and corporations as an alternative to cutting public spending on essential services to patch the state’s budget shortfall. Voters also back using the revenue from these taxes to invest in education, healthcare, and other services. Finally, voters support state-funded initiatives that provide support to New Yorkers experiencing homelessness or that suffer from opioid use disorder. New Yorkers recognize that in this time of need, the wealthy should pay more in taxes and the state should support those who need help the most.

Methodology

From March 13 to March 21, 2021, Data for Progress conducted a survey of 669 likely voters in New York using web panel respondents. The sample was weighted to be representative of likely voters by age, gender, education, race, and voting history. The survey was conducted in English. The margin of error is ±4 percentage points.