Kathryn Wylde was interviewed by CBS New York on the impact President Trump might have on New York’s business community. See the segment below.
“Today, the state Assembly Democrats issued an income tax plan predicated on the absurd contention that the state’s most successful entrepreneurs, investors and business executives will turn over 54 cents of every dollar of their top earnings to the government for the privilege of living and working in New York State. They assume that New York can raise taxes on the highest earners by 17 percent and collect billions of new revenues. It is far more likely that such a move will cost the state billions of lost tax dollars and many thousands of lost jobs. On most of their income, these taxpayers would pay only 40 cents of every dollar to the government if they move to Florida or Texas; 45 cents in London or Paris; less than 25 cents in Hong Kong or Singapore. Their proposed tax increase would make New York City the highest taxed location in the country. The last time the state imposed rates this high was in the 1970’s – a decade in which the city lost half its Fortune 500 companies, about a million residents, and nearly went bankrupt. Their proposal should be dead on arrival.”
Growth-Stage Companies Offer New Platforms for Simplifying Health Data and Improving Patient Care
New York, NY – January 24, 2017 Today, at the New York Digital Health Accelerator (NYDHA) demo day, six growth-stage health tech companies presented their cutting-edge health care solutions to an audience of health care providers, insurance companies and investors. The event marks the culmination of the five month program run by the Partnership Fund for New York City (Partnership Fund) and the New York eHealth Collaborative (NYeC), which bolsters New York’s growing health tech sector and encourages the development of innovative digital health tools. This year’s winners included: BMIQ, Diameter Health, eCaring, Healthify, Somatix and Spring.
“Council Member Dan Garodnick has introduced legislation that will, if enacted, remove one barrier to the growth of small businesses in the city. By eliminating the Commercial Rent Tax burden for small businesses paying less than $500,000 in rent each year, this legislation would send a positive signal to employers who are increasingly concerned about the city ‘s tax and regulatory burdens.”
“The millionaire’s tax was supposed to be a temporary surcharge to get the state through a post-recession fiscal crisis. It increases the marginal income tax burden on affected tax payers to more than 52% of their earned income. It also falls overwhelmingly on taxpayers who live and work in New York City, Westchester and Long Island, the region which is the state’s primary source of new jobs and economic activity. Albany needs to understand the potential negative impact of a tax rate that is higher than almost any of our domestic and global competitors when it comes to attracting talent and jobs.”
On Tuesday 10th January 2017, Kathryn Wylde, President and CEO of the Partnership for New York City, testified to the New York City Council Committee on Economic Development on The Economic Impact of Increased Security for the President-Elect upon Local Businesses and the City as a Whole. Below is a summary of her comments to the committee.
“Governor Cuomo’s $650 million commitment to build a commercial life sciences industry in New York will create more than 25,000 middle class jobs and strengthen our medical research institutions. A robust life sciences industry will add $3.0 to $4.2 billion to the state’s economic output. The announcement that Johnson &Johnson will establish New York City’s first entrepreneurial incubator for life science companies is a major breakthrough for our emergence as a global commercial hub for life sciences.”
For background information on the life sciences initiative featured in the State of the State, the Partnership published a report in June, titled “New York’s Next Big Industry: Commercial Life Sciences” – available here.
“The Governor’s commitment to rebuild JFK and improve access to our region’s most important international airport is welcomed by the business community. Partnership studies have found that New York is losing billions in economic activity every year because of difficult access and the limited capacity at our airports.”
Today we are also releasing our findings that support Governor Cuomo’s vision for a better future for New York’s airports, link here and attached.
About the Partnership for New York City:
The Partnership for New York City represents the city’s business leaders and largest private sector employers. We work with government, labor and the nonprofit sector to promote economic growth and maintain the city’s prominence as a global center of commerce and innovation. Through the Partnership Fund for New York City, the Partnership contributes directly to projects that create jobs, improve economically distressed communities and stimulate new business creation.
Note: New York metro airports include: LaGuardia, Newark Liberty International, and John F. Kennedy International Airports. Two distinct groups were surveyed by PwC as part of this research: 1) Seventy-four major employers representing 2.3 million employees worldwide; and, 2) 3,763 business travelers of which 25 percent fly in and out of the New York metro region on business more than 10 times per year (55 percent who live in the New York metro region; 19 percent living elsewhere in the U.S.; 26 percent from outside the U.S.).
The Economist’s 1834 magazine highlighted Partnership Fund direct investment New Lab in its feature on Brooklyn’s Industrial Revolution. The piece explores how New York is leading the way in next-generation manufacturing.
New Lab opened in June 2016 and is now occupied with over 300 people working on advanced manufacturing projects.