For Release — September 27, 2017
Business Council Statement on Federal Tax Plan
ALBANY, N.Y.—"The proposal to eliminate state and local tax deductibility is unacceptable to New Yorkers," said Heather C. Briccetti, Esq., president and CEO of The Business Council of New York State, Inc. "It is not only unfair, it goes against the principles of taxation on which this nation was founded. Deductibility has been included in federal tax law since the Civil War, as an essential component of fiscal federalism. In case the administration has forgotten, New York State and its residents pay far more in federal taxes than the state receives in federal spending – by almost $40 billion, according to the state budget office. This proposal will exacerbate that imbalance, and increase New Yorkers’ subsidy to Washington. The Business Council has already sent a letter on this subject to our Congressional delegation and we will continue to make sure they are aware of the crippling impact this elimination would have on New York's economy. We applaud Washington’s focus on reducing business and personal income tax burdens, but cannot support a proposal that unfairly burdens New Yorkers."