Investing in a New New York
New Yorkers are taxed more than enough.—Larry Sharpe
New York collects more than $1.4 Billion in income tax from those who make less than $36,000 a year. It is obscene for Albany to collect that much from those who are already struggling. With this groundbreaking proposal, we can relieve the tax burdens that fall on the New Yorker families who need that relief the most -by eliminating the burden instead of shifting it, and by giving New Yorkers the means to help themselves.
The New York State Social Trust (NYSST)
The New York State Social Trust (NYSST) will help lessen the burden on all New York taxpayers by creating a social wealth fund that provides a pathway to pay for the increasing costs of education and healthcare. This fund will raise over $900 billion in four years, and will allow for the elimination of the school and income tax.
The New York Coin
TheNew York Coin is a digital token that represents shares in an organization that receives a dividend percentage on tax revenue generated by the state. These digital tokens will be offered to the public in an Initial Coin Offering (ICO). This innovative approach will create new revenue directly into the Social Trust that can then be used to reduce taxation on New Yorkers.
With every year that passes, there is a decrease in the percentage of tax revenue collected
to pay for dividends to token holders, and an increase in the percentage of fund revenues collected to pay for dividends to token holders. This means that the needs of New Yorkers are funded through investment, not taxes, and the investors make money as New York’s prosperity grows.
The Graduated Income Boost (GIB)
The Graduated Income Boost (GIB) is a method of directly targeting poverty by providing individuals with the cash to meet their basic needs, and the incentive to earn more. Every New York resident between the ages of 18-65 who have an annual income under $36,000 would be eligible to participate in the Hand-Up Ecosystem (HUE) -with each participant receiving payments totaling a maximum of $18,000 annually -after registering for the HUE App -which allows them to be connected to community resources including jobs, education, childcare, and more.
This “Hand Up” allows individuals to earn income through employment without benefit cliffs.
How does it work? For each dollar you make from $0-$36,000 your GIB would be slightly reduced, meaning that you would never make less than $36,000, and you can make more by working without losing the boost.
As the New York Coin is traded and the New York State Social Trust (NYSST) is funded, here’s what you can expect:
- By the end of the first year, we can eliminate the school tax, with schools receiving an apportioned amount of the NYSST per enrolled student.
- At the end of the second year, the tax burden on New Yorkers is effectively cut in half, and the Graduated Income Boost (GIB) is fully funded.
- By year three, we can end the state income tax – the funding for social programs instead comes from the NYSST.
- By the end of year four, we can tackle Medicaid funding, and end unfunded mandates.
By implementing The New York State Social Trust (NYSST), The New York Coin, and The Graduated Income Boost (GIB), we can relieve the tax burdens that fall on the New Yorker families who need that relief the most -by eliminating the burden instead of shifting it, and by giving New Yorkers the means to help themselves.