NYC Millionaire Urges Albany: Tax Me More to Fund Public Services & Reduce Inequality
NYC Millionaire Urges Albany to Increase Taxes on the Wealthy
New York City millionaire Morris Pearl is publicly calling on state lawmakers in Albany to raise taxes on the city’s wealthiest residents, arguing it’s a necessary step to address economic inequality and fund vital public services. Pearl, a former Managing Director at BlackRock, believes those like him can afford to contribute more to the state’s revenue stream.
Pearl’s advocacy stems from experiences during the 2008 financial crisis, when he participated in structuring and assessing the cost of the Citibank bailout as part of a team hired by the Federal Reserve, Treasury Department and FDIC. Later work in Greece, witnessing protests while assisting with bank rescues, prompted him to question the broader impact of his work and his role in the economy. He ultimately resigned from BlackRock in 2014 to chair the Board of Directors at Patriotic Millionaires, an organization advocating for increased taxes on the wealthy.
“Under our current tax structure, wealthy investors like me pay far lower tax rates than people who work for a living,” Pearl stated. He rejects the argument that tax breaks are necessary to incentivize investment, asserting that even with higher tax rates, investors would continue to invest for returns.
Pearl addressed concerns about wealthy individuals fleeing high-tax states, citing research that shows New York’s millionaire population has continued to grow despite increased taxes in 2017 and 2021. He pointed to a decline in overall population as being more related to the search for affordable childcare and housing, rather than a mass exodus of the wealthy. He emphasized that he *chooses* to live in a high-tax state like New York because of the quality of life funded by those taxes, including libraries, universities, parks, and transit systems.
The call for increased taxes comes as New York City Mayor Zohran Mamdani has also pushed for higher taxes on wealthy New Yorkers to address the city’s budget gap. According to reporting from City & State New York, Mamdani is seeking state authorization to raise taxes, but is reportedly tempering his public advocacy out of deference to Governor Kathy Hochul, who opposes tax increases as she seeks reelection. The New York Post reported on February 17, 2026, that Mamdani issued an ultimatum to Hochul: tax the rich or face a nearly 10% property tax increase.
Pearl believes raising taxes on the wealthy isn’t just about revenue; it’s also about protecting democracy. He expressed concern that unchecked economic inequality, with billionaires accumulating vast wealth while a majority of the population struggles financially, could contribute to increased political violence. He wants his granddaughter to grow up in a New York where everyone has the opportunity to live a safe, decent, and affordable life.
“State leaders in Albany should not be afraid to raise taxes on super rich people like me in order to enhance public services and make life more affordable for millions of my neighbors. I am proud to pay more,” Pearl concluded.