Maintaining New York’s Competitiveness
There is an opportunity to increase New York’s appeal as a hub for talent and business investment through a focus on opening opportunities for all New Yorkers and addressing the relatively high tax rate on the city’s workers.
Corporate Social Responsibility
The data reveals that in New York City, people’s economic opportunities continue to be strongly influenced by their race, gender and parents’ income. Members of the Partnership for New York City devote significant resources to addressing this issue. However, there is increasing recognition in the corporate community that the scale needed to move the needle on some of the most entrenched drivers of inequity is beyond what any single company can achieve.
The Partnership has identified areas where members can work together to expand educational and economic opportunities for all New York City residents, maximize the impact of CSR efforts, and is hosting working groups to shape future collaborative initiatives across the Partnership membership.
was invested into CSR in New York City by 99 members in 2017.
volunteer hours were completed by New York City employees of 78 members in 2017.
New York has some of the highest income taxes in the country, further exacerbated by federal tax reform eliminating deductions for state and local taxes. Comparatively high tax rates in New York hurt the city’s ability to attract top talent and business investment and ensure New York retains its status as a global business hub.
New York City taxpayers contribute $56.1 billion more to the federal government than the city receives back in federal funding.
The average family of four that earns $175,000 will pay 25% of their income in taxes; in Florida the same family will pay 14%.