Why 40 New York millionaires want to raise taxes on the rich

Warren Buffett, chairman and CEO of Berkshire Hathaway, speaks at the Fortune’s Most Powerful Women’s Summit in Washington, in this file photo taken October 13, 2015. Buffett, chairman and chief executive of Berkshire Hathaway Inc.told CNBC on Monday the firm’s ownership of IBM shares could prove a mistake and that he was buying more U.S. stocks overall since the end of last year.

Albany, N.Y. — A group of more than 40 millionaires in New York state have written to Gov. Andrew Cuomo and top lawmakers calling on them to consider raising taxes on the state’s wealthiest residents to help address poverty and rebuild failing infrastructure.

The letter, a copy of which was given to The Associated Press, proposes new, higher tax rates for the top 1 percent of earners.

Those signing the letter include Abigail Disney, Agnes Gund, Leo Hindery and Steven C. Rockefeller.

The letter goes on to say additional revenue is needed to address child poverty, homelessness and aging bridges, tunnels, waterlines and roads.

Their proposal faces significant political obstacles. While the Democratic majority in the Assembly has its own plan to increase taxes on millionaires, the Republican-led Senate opposes the idea.

In January, Democratic presidential candidate Hillary Clinton (and a former N.Y. senator) proposed a series of changes that would raise taxes on wealthy Americans.