News from Business Council of New York State

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Assembly’s Tax and Spend Bill Goes in the Wrong Direction

ALBANY, NY (08/19/2008; 1220)(readMedia)-- "The Assembly's bill (A. 11838) to institute huge new tax increases to provide some New Yorkers with property tax relief is a recipe for economic disaster," said Kenneth Adams, president & CEO of The Business Council of New York State.

"For many businesses property taxes are the biggest tax they pay. Out-of-control property taxes are crushing businesses and driving jobs and people out of New York. The Assembly bill does nothing to address this crisis, in fact, it will only make this situation worse by encouraging greater local spending and even higher taxes down the road," said Adams.

"The Assembly bill may appease special interests that benefit from the status quo and want to see more and more government spending. But in these tough economic times we need to move in the opposite direction by cutting spending, lowering taxes and creating private-sector jobs," added Adams.

"The time has come for the Assembly to negotiate with Governor David Paterson and the Senate Majority on legislation to cap property taxes to provide relief for all property owners and to create a new fiscal discipline for New York State," concluded Adams.

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