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
out.
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.
28
Mar
2008