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Tax Reform Statement from the Partnership for New York City

“New York is a global business hub that will benefit from the business tax reductions included in the bill passed today by the House of Representatives. But the bill will increase the burden on individual taxpayers in New York by as much as 40 percent as a result of the virtual elimination of the ability to deduct state and local taxes from our federal tax obligations. New York City taxpayers contribute $56.1 billion more to the federal government than the city receives back in federal funding. As this bill moves in the Senate and in conference, we trust there will be reconsideration of the provision that penalizes New Yorkers and residents of other high tax states,” said Kathryn S. Wylde, President & CEO of the Partnership for New York City.