Tags: Trump Tax Reform | kathy wylde | blue states | economic drivers | impacting taxes | bad

NYC Advocate: Economy Will 'Suffer' by Penalizing Big 'Blue States'

Image: NYC Advocate: Economy Will 'Suffer' by Penalizing Big 'Blue States'
A demonstrator holds a 'Lie$' protest sign during a demonstration against Republican led tax reform outside the US Capitol in Washington, DC, on December 13, 2017.(Alex Edelman/AFP/Getty Images)

By    |   Sunday, 17 December 2017 12:22 PM

The GOP tax bill's seeking to penalize "blue states" will cause the U.S. economy to "suffer," even if it does succeed in helping corporations and luring business investment back into the U.S., a New York City advocate said Sunday.

"As a business, the corporations in the city are excited about a lower tax rate and being able to bring profits back from overseas," President of the Partnership for New York City Kathy Wylde told "The Cats Roundtable" on 970 AM-N.Y.

"As employers, they're nervous about the impact of the changes in personal income tax treatment, the fact that individual filers and family filers will not be able to deduct their state and local taxes."

Wylde told host John Catsimatidis the top 10 states in the country with the highest taxes "produce about half the country's gross domestic product," pointing to states like California and New York.

"We are the economic drivers of the country," Wylde told Catsimatidis. "We are high-tax states because it costs a lot to maintain the infrastructure and the services in the education systems that are necessary to be an economic leader in this country. . . .

"If we are penalized, if we can't attract talent here because of the loss of state and local deductibility, the whole country's economy is going to suffer . . . It's not good for the country's economy."

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The GOP tax bill's seeking to penalize "blue states" will cause the U.S. economy to "suffer," even if it does succeed in helping corporations and luring business investment back into the U.S., a New York City advocate said Sunday."As a business, the corporations in the city...
kathy wylde, blue states, economic drivers, impacting taxes, bad
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2017-22-17
Sunday, 17 December 2017 12:22 PM
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