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Statement from Kathryn Wylde, President & CEO of the Partnership for New York City, On High Earners Tax Increase at Joint Legislative Budget Hearing

“New York imposes higher tax rates than any of our international competitors and, within the U.S., only California has moderately higher tax rates than New York City.  Texas and Florida, with no personal income taxes, are growing their economy and creating new jobs at a significantly faster pace than New York. Moreover, Downstate accounts for 92% of all personal income tax revenues generated by New York’s highest earners, putting a disproportionate burden on the region that is producing the most jobs and economic growth for the state.”