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Statement from Kathryn Wylde, President & CEO of the Partnership for New York City, On Governor Cuomo’s “Millionaire’s Tax” Extension

“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.”