Thanks to the recently-passed $1.9 trillion spending package, the state of New York is set to receive a whopping $23.5 billion in federal bailout money. This is more than enough to make up for any revenue gaps incurred over the last year. But progressive lawmakers are nonetheless considering a slew of new business and personal taxes—prompting 250 top business leaders to pen an open letter this week warning that these punitive tax hikes could have drastic ramifications.
“Significant corporate and individual tax increases will make it far more difficult to restart the economic engine and reassemble the deep and diverse talent pool that makes New York the greatest city in the world,” wrote the leaders, whose ranks include the CEOs of JP Morgan Chase, Blackrock, and Goldman Sachs. “Many members of our workforce have resettled their families in other locations, generally with far lower taxes than New York, and the proposed tax increases will make it harder to get them to return.”
Author(s): Brad Polumbo
Publication Date: 24 March 2021
Publication Site: Foundation for Economic Education