Protesters revisit Steven Roth, Stephen Ross and other NY billionaires

Demonstrators demand increase in tax on wealthy created in 2009

Tri-State /
Aug.August 01, 2020 10:32 AM
Vornado chairman Steven Roth and Related chairman Stephen Ross (Roth by Misha Friedman/Getty Images; Ross by Mark Brown/Getty Images)

Vornado’s Steven Roth and Related’s Stephen Ross (Roth by Misha Friedman/Getty Images; Ross by Mark Brown/Getty Images)

Real estate titans Steven Roth and Stephen Ross were visited by around 200 demonstrators at their Hamptons estates Thursday, according to Business Insider. The protesters demanded Gov. Andrew Cuomo raise taxes on the East End’s ultra-wealthy inhabitants — and others across the state — instead of cutting services to close the state’s enormous budget deficit.

It’s at least the second such demonstration this month over cuts to the state budget that are inevitable absent a federal aid package. Some wealthy Hamptonites have hired private security to patrol their properties in response. Ross, chairman of Related Companies, was among those visited last time around. Roth leads Vornado Realty Trust.

A state Senate bill introduced this year would create a top state income-tax rate of 11.82% for taxpayers whose New York taxable income exceeds $100 million and establish new brackets below that. The Senate majority leader and Assembly speaker have both endorsed the idea of raising taxes on the wealthy but have not put such a bill on the governor’s desk.

Cuomo has shot down the idea of a state tax on super-wealthy residents, saying it would drive them out of New York, although local tax authorities can make that difficult. But Cuomo and the legislature have repeatedly renewed a millionaire’s tax passed in 2009 in response to the financial crisis. It now raises about $4.5 billion annually. The tax was extended for five years in 2019, maintaining the state’s top income-tax rate at 8.82 percent through 2024. The number of billionaires in New York has grown over that time. [Business Insider] — Dennis Lynch


Related Articles

arrow_forward_ios
Governor Andrew Cuomo and Senator James Skoufis (Credit: Getty Images, NY Senate)

Owners of some residential properties can’t hide behind LLCs anymore

Owners of some residential properties can’t hide behind LLCs anymore
Related's Jamar Adams and Steve Ross with 14-06 Gateway Boulevard (Credit: Getty Images and Google Maps)

Related is the latest developer to target the Rockaways

Related is the latest developer to target the Rockaways
Vornado's Steve Roth and 220 Central Park South (Credit: Getty Images, iStock)

Free and clear: Vornado pays off debt at 220 CPS

Free and clear: Vornado pays off debt at 220 CPS
(iStock)

No check, please: Restaurants grapple with confusing Covid inspections

No check, please: Restaurants grapple with confusing Covid inspections
Gov. Andrew Cuomo announced that a major development surrounding Penn Station. (Getty)

Cuomo adds housing to $51B Midtown West project

Cuomo adds housing to $51B Midtown West project
Andrew Cuomo wants NYC workers to return to otherwise empty office buildings. (Getty)

Cuomo announces plan to get workers back to offices

Cuomo announces plan to get workers back to offices
Inside the $1.6B Moynihan Train Hall redevelopment

Inside the $1.6B Moynihan Train Hall redevelopment

Inside the $1.6B Moynihan Train Hall redevelopment
Cuomo called for the conversion of vacant commercial space to affordable housing. (Getty)

Cuomo pushes for commercial-to-resi conversions

Cuomo pushes for commercial-to-resi conversions
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...