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Partnership for New York City Warns of Job Losses in Higher-Tax Environment
The Partnership for New York City warned in a new report Monday that proposed changes to New York’s business and tax environment could mean the loss of at least 2,778 jobs, $4.8 billion in GDP contributions and $168 million in tax contributions per year over the next five years. The report notes that annual job losses could exceed 6,000 in a “dramatic” downturn of employment growth.
“New York’s business community continues to play a major role in lifting the city and state economies,” said Steven Fulop, President and CEO of the Partnership for New York City. “But under the high-tax proposals that are advancing through City Hall and the State Legislature, thousands of jobs and millions of dollars in tax revenue could be at risk.”
The report shows that the Partnership’s 300-plus member companies contribute about $370 billion annually to New York City’s GDP, including $281 billion in direct contributions.
- ◦Economy
