NYC's billion-dollar businesses issue a high-stakes economic alert

"A new report from the Partnership for New York City, released on Monday, showed that its 300-plus member companies are currently the city's biggest cheerleaders by supporting nearly 950,000 jobs and pumping $13.5 billion into the city and state, mostly through business, sales and other taxes. However, that economic support system could collapse if current high tax proposals continue to advance through City Hall and Albany, the report revealed."

"The partnership's report suggests that the Big Apple could lose nearly 2,800 jobs and $4.8 billion in annual GDP contributions over the next five years if taxes are increased. New York's business community continues to play a major role in lifting the city and state economies, said Steve Fulop, president and CEO of the partnership, and a former Jersey City mayor."

"But under the high-tax proposals that are advancing through City Hall and the State Legislature, thousands of jobs and millions of dollars in tax revenue could be at risk. Big-name companies in NYC that could be affected by taxes targeting the wealthiest include Amazon, Google, IBM, a list of major banking and financial firms, retail and communications firms, and more."

"Partnership members account for about one-third of New York City's business income tax collections and over 36% of the state's business income tax collections, funding public services, including education and transit, the report stated. Mayor Zohran Mamdani has made clear his desire to tax the wealthiest New Yorkers to help fund his ambitious campaign promises."

A business coalition representing large NYC employers warned that proposed tax increases could slow the city’s economy and disrupt job growth. A report from the Partnership for New York City says its 300-plus member companies support nearly 950,000 jobs and contribute $13.5 billion to the city and state through business, sales, and other taxes. The report warns that continued high-tax proposals moving through City Hall and Albany could cause the loss of nearly 2,800 jobs and $4.8 billion in annual GDP contributions over the next five years. The coalition says its members account for about one-third of NYC business income tax collections and over 36% of state business income tax collections, supporting public services such as education and transit.

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