$7 Billion In Potential Tax increases Could Devastate New York: 250 Business Leaders
Newsbreak
According to the letter, President Joe Biden's newly passed $1.9 trillion American Rescue Plan, "for which most of us argued", would provide New York with enough money to "eliminate the need for new state and local taxes this year". It also claimed that “significant corporate and individual tax hikes would make it much more difficult to revive the economic engine and reassemble the deep and varied talent pool that makes New York the greatest city in the world”.
“We are not alone in this opinion; the non-partisan Citizens Budget Commission, for example, has stated that these tax hikes are ‘both needless and economically costly,' owing to government aid and higher-than-expected tax revenues in 2020,” they said.