Top New York firms that toughed it out through the pandemic are now considering packing their bags over $7 billion in proposed new state taxes.
At least 20 finance and tech companies are already poised to leave for sunny, low-tax Florida, said Kathyrn Wylde, CEO of the business-backed Partnership for New York City.
“The Legislature’s proposals will move us in the opposite direction by driving away the businesses and tax base required to do that,” said powerful Real Estate Board of New York President James Whelan.
If the Democrat-controlled state legislature passes its proposed $208 billion tax-and-spend plan, “New York State will be the most-taxed state in the country,” Wylde lamented.
Tech jobs — so easily toggled to “remote” in 2020 — are particularly vulnerable to relocation. “Technology is our most important job creator in New York right now, and they’re already making decisions about not staying in New York,” Wylde said, declining to name names.
Albany pols seem intent to “punish the rich,” Wylde said.