The Economic Development Zone program has become a vehicle for giving tax breaks to a variety of corporations with no clear, consistent, verifiable justification for the public investment.
This letter by CBC President Carol Kellermann to the State Legislature suggests two strategic directions to guide budget policy in FY2009-2010 and offers a roadmap to help steer a course that avoids harmful tax increases and makes spending better serve New Yorkers by offering reforms in five key areas: Medicaid, school aid, correctional facilities, public employee benefits, and programs like STAR and Empire Zones. These recommendations provide at least $3.1 billion in savings over the term of the financial plan.
In this op-ed published in the New York Sun, CBC Research Director Charles Brecher examines the extraordinary number and variety of business taxes in New York City and their detrimental effect on the City's economic competitiveness.
This report focuses on state and local business taxes in New York City, showing that those taxes are dramatically higher than comparable taxes for key competitors. Combined federal, state, and local taxes reduce the rate of return on new business investment in New York City significantly – about 36-50 percent, depending on location and industry. Most of this is due to federal tax – typically 34-36 percentage points. Taxes in New York City were the highest in all industries in 2006, and were highest or second-highest under virtually all scenarios examined.
CBC releases a study of state and local business taxes in New York City that demonstrates that those taxes are dramatically higher than comparable taxes for key competitors.
In response to the New York City's fiscal year 2008 Preliminary Budget, and in light of the City’s strong fiscal position, CBC releases a letter to Mayor Michael Bloomberg urging him to focus on the City's long-term priorities in his 2008 Executive Budget.
CBC releases a letter to Mayor Michael Bloomberg analyzing New York City’s fiscal year 2008 Preliminary Budget and making recommendations for his Executive Budget. The recommendations concern steps to promote City’s economic competitiveness and long-term fiscal viability.
In this background paper prepared for a panel discussion "How Much Do Taxes Matter? New York City's Tax Burden and Economic Competitiveness," which was convened by CBC on December 11, 2006, Elizabeth Roistacher, professor of economics at CUNY Queens College, summarizes the econometric literature that tries to model the relationship between tax levels and economic growth.
Following up on its previous research on the issues surrounding the State Court’s decision in the Campaign for Fiscal Equity case, CBC hosted two expert panel discussions focusing on key issues in education finance reform. This brief recounts the proceedings from the second of those discussions, which took place on April 27, 2006. The discussion focused on responsibly generating revenues to fund the Court’s mandate, thinking about other changes needed to accomplish reform, and developing the role of the business community in seeing reform across the finish line.
