The group said, “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 which makes New York the greatest “Ultimately, these new taxes may trigger a major loss of economic activity and revenues as companies are pressured to relocate operations to where the talent wants to live and work. This is what happened to New York during the 1970s when we lost half our Fortune 500 companies, and it took thirty years to recover. ” “Once we are on a path toward restoring more than one million jobs and thousands of small businesses New York has lost in the past twelve months, there may well be a need to raise new revenues to fill the gaps in our education, health, and social welfare systems,” the letter said. New York’s budget picture is dramatically improving. The state is receiving $12.5 billion in unrestricted funds from the federal stimulus bill. And NY State Budget Director Robert Mujica said the stimulus funds and stronger-than-expected tax revenues will allow the state to forego their planned budget cuts.12.5 Billion Dollar Stimulus Coming to New York
Proposed New York Tax Increase Will be the Largest in State History Despite Receiving 12.5 Billion Stimulus
city in the world.”
