RESOLUTION IN SUPPORT OF H.R. 2834 AND S. 1624
FOR FAIRER TAX LAWS

WHEREAS, private hedge fund managers are subject to lower federal tax rates than others at their income level because their earnings are subject to the capital gains rate of 15 percent rather than the income tax rate of 35 percent; 

WHEREAS, House Resolution 2834 and its Senate companion, Senate Bill 1624, would correct this inequity in current tax law by treating private hedge fund managers’ compensation, “carried income,” as income rather than as a capital gain for federal tax purposes;

WHEREAS, the capital gains rate was intended to apply to income received from investments. Yet hedge fund managers receive compensation for their management services, not for investing their own capital—they are managing other people’s assets, not risking their own.  Their compensation for managing other people’s money, largely in the form of performance bonuses or  “carried income" , is nonetheless treated as a capital gain taxed at 15 percent instead of as income subject to prevailing income tax rates;  

WHEREAS, this loophole curr ently results in an enormous loss of much needed federal tax revenue, which these bills would correct;

WHEREAS, the income of private equity fund managers, including performances bonuses, should be properly classified as regular income for federal tax purposes;

WHEREAS, even Greg Mankiw, former Chair of the Council of Economic Advisors under President Bush, has argued that there simply is no rational reason these fund managers should be taxed at the lower 15 percent rate. The issue is one of fundamental tax fairness as well as a source of much needed lost tax revenues; and

WHEREAS, New Yorkers expect their elected representatives to vote the public interest and not that of a small number of wealthy hedge fund managers; 

THEREFORE BE IT RESOLVED, that Three Parks Independent Democrats calls on Senator Charles E. Schumer and Senator Hillary Rodham Clinton fully and unequivocally to support Senate Bill 1624; and

BE IT FURTHER RESOLVED Three Parks Independent Democrats commends Congressman Charles B. Rangel for sponsoring House Bill 2834.

Resolution On Upper West Side Zoning

WHEREAS, our West Side community in the area from 96th to 110th Streets is dangerously vulnerable to inappropriate development under current outdated zoning laws,

WHEREAS, the entire community has overwhelmingly supported new zoning resolutions restricting such development in numerous community board meetings, letters, petitions, and street demonstrations.

WHEREAS, on June 6, 2006 Community Board 7 unanimously (42-0-0) passed a comprehensive zoning resolution that would prevent inappropriate development and preserve the neighborhood,

WHEREAS, every elected official representing the people of this area, including City Council Members, Assemblymembers, State Senators, Congressmen, and the Borough President, has expressed support for this resolution,

WHEREAS, the Department of City Planning received the Community Board Resolution more than six months ago,

WHEREAS, the Department of City Planning has yet to fulfill its stated promise to provide a certified plan to begin the Uniform Land Use Review Procedure (ULURP) for adopting the new zoning resolution, and

WHEREAS, the Department of City Planning delay threatens our neighborhood and irresponsibly ignores the needs of the community,

NOW, THEREFORE, LET IT BE RESOLVED THAT

1. Three Parks Independent Democrats hereby demands that the Department of City Planning immediately release a certified plan that conforms to the Community Board 7 resolution of June 6, 2006 and

2. Three Parks Independent Democrats calls on Mayor Bloomberg to direct the Commissioner of City Planning to release this certified plan.

Same Sex Marriage

WHEREAS, in the opinion of the New York State Attorney General, the marriage law of New York State allows marriage only between opposite-sex couples

WHEREAS, such a law is discriminatory against homosexuals and in violation of the Equal Protection Clause of the United States Constitution

WHEREAS, Assemblymember Daniel O’Donnell, the state representative of the 69th Assembly District and of Three Parks Independent Democrats, has filed a lawsuit to declare said law unconstitutional

THEREFORE, LET IT BE RESOLVED THAT the Three Parks Independent Democrats unequivocally support the right of same-sex couples to marry

AND LET IT BE FURTHER RESOLVED THAT the Three Parks Independent Democrats support Assemblymember Daniel O’Donnell in his lawsuit against New York State, for, in the opinion of the Three Parks Independent Democrats, said lawsuit deserves to win on its merits.

Resolution on new Voting Machines

Whereas NY State is required to make certain changes to it’s election process by 2006 in order to meet new requirements for Federal elections, and

Whereas new electronic voting machines have been proposed to replace existing mechanical voting machines in New York City, and

Whereas reliable, secure and bi-partisan conduct of elections are fundamental to our democracy,

Be it resolved that the Three Parks Independent Democrats endorses the following principles for the selection of new voting machines for NY State:

• An auditable system with a paper receipt for voters
• Abolition of NY’s full ballot screen requirement which limits equipment choice
  and may make voting more difficult for some disabled voters
• A selection process that allows for competitive bidding on voting machines
• Funding to provide a more than adequate number of machines for smooth Election Day operations.

We urge the Senate, Assembly and Governor Pataki to support legislation encompassing these principles.