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Op-ed: Higher taxes won’t help New York City’s economy recover

March 15, 2021

SOURCE

CRAINS New York

Today, CRAIN’s New York published the following op-ed by Partnership for New York City President and CEO, Kathryn Wylde.

Vaccines give us confidence that victory over Covid-19 is imminent, but the prospects for New York’s economic recovery are far less certain.

Restoration of the 500,000 private-sector jobs that have disappeared during the pandemic will not be easy or fast. A lot will depend on the results of state budget negotiations taking place during the next three weeks.

Advocates are pressing Albany lawmakers to raise taxes on individuals and corporations that are perceived as having done too well during the pandemic. This is not a new political push, but it has gained momentum because of the pronounced inequities of Covid-19, during which low-wage workers disproportionately lost their jobs, children without digital access lost a year of education, and Black and brown communities had more than their share of death and disease.