March 28, 2008
Business Council President & CEO Kenneth Adams responds to "framework" budget deal
State legislative leaders and Governor David Paterson announced
late Thursday that they have reached agreement on a “framework”
of a budget deal for New York State. This deal would not include the Assembly's
plan to raise the income tax on those earning more than $1 million. It would
still include $500 million in additional spending above the $123.5 billion
budget proposed by the Governor. The sources of new revenues to pay
for this spending plan were not identified and fee increases were not ruled
Kenneth Adams, President and CEO of The Business Council, said today the Council's member companies still had concerns with the prospect of new fees and the State's overall level of spending. “In these difficult economic times, placing additional financial burdens on those who employ millions of New Yorkers is clearly not the answer.”
Mr. Adams continued, “Obviously, we remain concerned about the prospect of tax and fee increases on the private sector – and their potential impacts on the New York State economy – and want to be sure that they are not just additional taxes in a different form. Also, we continue to believe that state spending increases should be minimized to the greatest extent possible. We look forward to continued discussions with State leaders in the coming days."
The Business Council of New York State, Inc. represents the interests of large and small businesses throughout New York State who employ more than 1.2 million New Yorkers.