“Governor Cuomo made it clear today that he understands that New York faces new challenges in competing to attract talent and business investment to the state as a result of federal tax reform. The business community is prepared to offer its cooperation and expertise to help explore how any negative impact on the state and its resident taxpayers might be offset, through such measures as a payroll tax or a public charitable fund. We applaud the Governor’s commitment to take thoughtful action to cushion the loss of state and local deductibility, which comes down hardest on the top 1% of New York State taxpayers, who account for 42% of total state income tax revenue.
Another important announcement today involves the state’s workforce development efforts, focusing on better alignment with the job opportunities in growing sectors of the economy. Adequate education and skills training are the most productive way to increase upward mobility. There are more than 110,000 jobs waiting for qualified applicants to fill them in New York City alone.”