Assemblymember Phil Steck (D-Colonie) announced his support for extending and expanding the “millionaire’s tax” in this year’s state budget.

“Hardworking families have too heavy of a burden to carry,” said Steck. “I’ve fought for real tax relief, but we need a more progressive tax code that takes some of the weight off the middle class and makes the ultra-wealthy pay their fair share.”

The millionaire’s tax was implemented in 2009 and has since been renewed. Despite critics’ warnings that wealthy taxpayers would flee the state, the number of wealthy taxpayers actually increased in New York State, noted Steck. The top 5 percent of New York households have average incomes about 20 times bigger than the bottom 20 percent.

The tax is set to expire April 1. Extending and expanding the tax will allow for investments in education and infrastructure and will help keep property taxes in check.

“We can’t expect middle-class families to bear the brunt – it’s only fair the wealthiest New Yorkers do their part,” Steck said. “If we want to keep New York growing and competitive, we need a progressive tax system.”