Partnership Co-Chairs Kenneth I. Chenault and Terry J. Lundgren and President & CEO Kathryn Wylde offered the following statement in response to the tentative deal reached by the Governor and the leaders of the legislature:
“We applaud the proactive effort of the Governor and legislative leaders to get ahead of the budget crisis and offer a balanced plan that continues to reduce state spending. In particular, the decision to terminate the tax surcharge, reduce taxes for the majority of taxpayers and set up a tax commission intended to make New York State more competitive and affordable will send a message that Albany is serious about growing the economy and creating jobs.”
“American Airlines is a major presence in New York City, generating thousands of jobs and billions of dollars in economic activity for the local economy. Reorganizing under Chapter 11 will create a stronger airline that is better able to compete here and across the country.”
“The failure of the Joint Select Committee on Deficit Reduction is a serious disappointment. The country is resilient, but Congress has missed a huge opportunity to show leadership by its inability to come to a principled compromise and put the nation on the path to fiscal stability. The Partnership for New York City, representing many of the country’s largest employers, calls on Congress and the White House to get to work on a comprehensive deficit reduction agreement.”
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"It is no secret that the outdated structure of the city pension funds has contributed to fractured governance and less than stellar performance. The proposed consolidation that Controller Liu, The Bloomberg Administration and public union leadership have crafted is a great first step toward improving how the pension investment process functions and reducing the burden it puts on city taxpayers.”
“New York is the highest cost, most heavily taxed city in the United States. This is taking a literal toll on our local economy. The 130 jobs that NBC Sports is relocating from Rockefeller Center to Stamford may not be a huge loss – especially when NBC has created more than 2,000 new jobs in the city over the past six years – but it is a distressing reminder that taxes in New York are simply not competitive with our rivals. Connecticut has built an economy with a marketing pitch that features the cost differential between the Nutmeg State and New York, particularly when it comes to income taxes. Our tax rates on high earners, including many NBC professionals, are over 12%, compared to 6.7% in Stamford. To encourage companies to keep jobs in New York, Governor Cuomo has pledged that we will get control of costs and put a lid on taxes. A first step will be the expiration of the income tax surcharge on high earners. For those who are tempted to increase taxes in New York, NBC’s decision should be a wakeup call.”
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Good Morning and thank you for the opportunity to testify today.
The Partnership for New York City represents the leadership of New York’s international business community. Our mission is to promote economic growth, quality infrastructure and educational excellence. READ MORE »
"No one likes higher tolls, but without them, key infrastructure projects to improve how New Yorkers get around will come to an abrupt stop. Over the last decade, the Port Authority has spent more than $11 billion doing the important work of redeveloping the World Trade Center site. This has left the agency with less money for other projects. And with the federal government doing significantly less on infrastructure, this toll hike is needed to raise funds that will allow work to continue on vital projects that aim to make New York more competitive.”
"The Governor's bill will increase SUNY's ability to plan for its future and manage its operations. This will enhance SUNY's position as a leading public university system that can attract the most talented students.”
"Ethics reform is essential to restoring the confidence of the business community in state government. The terms of the agreement forged by the Governor and legislative leaders — particularly creation of a single ethics commission that will oversee the executive and legislative branches — are meaningful and signal a new day in Albany.”
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"The property tax cap plan released today by the Assembly is very much in line with the plan developed by the Governor and adopted by the Senate, suggesting that there should be quick agreement on this key piece of the Governor's fiscal responsibility agenda. The bill provides for a no nonsense cap with limited exceptions that are well within the framework of reform that the business community has been calling for.
“New York City residents may think that the property tax cap does not directly affect them, but they are wrong. Skyrocketing property taxes are crushing the economies of suburban and upstate New York, leaving New York City with a disproportionate burden for producing tax revenues and economic activity to support the state. In addition, more than seventy large companies that are members of the Partnership and major employers in New York maintain operations in other parts of the state, where property taxes are a huge factor in the cost burden on business”
"Organizers of today’s protest rally are seeking to blame Wall Street for a city budget that requires staff reductions and cuts in programs and services. They know that this is nonsense. In fact, New York’s financial industry has done more than any group to close the budget gap by generating tax revenues at pre-recession levels. Protesters are simply trying to divert attention from the fact that New Yorkers can no longer afford rising levels of government spending. Governor Cuomo and the State Legislature recognized this in March, when they made the hard decision to reduce the state budget. This meant less state aid for localities and resulted in the current city budget shortfall.
“Over the last decade, city spending has increased nearly 73% overall, and has grown by 108% for education. Public pension costs have increased by 519%. Rather than take to the streets with calls for higher taxes, New Yorkers should work together to grow our economy. This is the only good solution to our budget woes.”
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"For the last nine years Dennis Walcott has led the Bloomberg Administration's efforts to overhaul the school system. His interactions with parents, elected officials and other important constituencies have made him well-known and respected in communities across the City. He is a logical choice to finish the Administration's job of improving City schools."
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"The Governor and State Legislature have broken out of the tax and spend pattern of more than a decade, resisting strong pressure from those who sought to preserve the failed status quo. Bipartisan support for an on-time budget that actually reduces spending and imposes discipline on state government sends a clear message that New York is on the right track for economic growth and job creation."
"This budget agreement marks a dramatic reversal in the tax and spend habits of Albany that drove this state to the brink of fiscal disaster. We congratulate Governor Cuomo, Senate Majority Leader Dean Skelos and Assembly Speaker Sheldon Silver for closing a $10 billion deficit without raising taxes. They have sent a clear message to employers that New York is open for business."
Thank you for the opportunity to submit testimony on Phase I of the redevelopment of Willets Point.
The Partnership for New York City represents leadership of international and regional businesses that are headquartered in New York. Our members employ 775,000 people in New York City and contribute over $140 billion to the annual Gross City Product. READ MORE »
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Partnership Co-Chairs Kenneth I. Chenault and Terry J. Lundgren and President & CEO Kathryn Wylde offered the following statement in response to Governor Andrew Cuomo's Executive Budget proposal.
"The Executive Budget released today by Governor Cuomo is true to his campaign promises.
He has made the tough choices that will insure that New York State once again can lead the nation in job creation and business investment. He has challenged Albany's tax and spend habits, reversing a pattern of that has made New York unaffordable for residents and businesses alike.
The business community is prepared to fully support the Governor in getting his budget enacted. Equally important, we are prepared to work with all New Yorkers to continue to improve education, health care and other vital public services through smarter and more efficient use of limited public resources."
“The Partnership for New York City applauds the State Senate for taking a stand to reduce the state's crushing tax burden.
"While New York City is not directly impacted by the property tax cap, the legislation will lead to fiscal discipline across the state – and that benefits everybody.
"For far too long, local governments have raised taxes instead of looking at making the delivery of services cheaper and more efficient.
"The property tax cap will force the state to back away from expensive mandates and job-killing regulations. This will empower New York City and allow it to create an environment that grows businesses and the local economy."
“Mayor Bloomberg laid out plans to sustain the city's economic growth, hold the line on taxes and promote the expansion of entrepreneurial activity that generates new jobs. The business community supports this agenda and will join the Mayor in efforts to insure that Albany does not balance the state budget on the backs of the city's taxpayers.”
Good morning Chairman Vacca and members of the committee. Thank you for the opportunity to testify today.
The Partnership for New York City represents leadership of international and regional businesses that are headquartered in New York. Our members employ 775,000 people in New York City and contribute over $140 billion to the annual Gross City Product.
A safe and reliable transportation system is essential to the health of the city’s business community and the continued growth of our economy. Business continuity is contingent upon the successful utilization of the public transit system and roadways to move people and goods throughout the City. Residents and businesses suffer costs, travel delays, interruptions in services, and other issues when weather events or other emergency situations limit the circulation of people and goods via rail and road. READ MORE »
Partnership Co-Chairs Kenneth I. Chenault and Terry J. Lundgren and President & CEO Kathryn Wylde offered the following statement in response to Governor Andrew Cuomo’s State of the State Address.
“Governor Cuomo delivered a refreshingly honest assessment of the fiscal and economic crises facing New York and presented a compelling plan for getting our state on the right track.
There is no more elasticity in our tax base, people are leaving and the risk of losing more businesses is significant. Local governments are being forced to make major cuts in jobs and services. The Governor is calling on all New Yorkers to roll up their sleeves, reach out to their legislators and help mobilize the political will needed to turn this crisis into an opportunity.
The business community is enthusiastic about joining with other New Yorkers in support of the agenda the Governor laid out today.”