Governor Kathy Hochul's proposed payroll tax increase to fund the MTA's $68 billion capital plan has raised alarms among New York businesses. Many business owners, including billionaire John Catsimatidis, warn that the tax hike—nearly 1% for large companies in NYC—could lead to reduced hiring and investment, driving businesses out of the state. Critics argue the MTA's service shortcomings, especially outside NYC, further justify opposition to the tax increase, which they see as a punitive measure rather than a beneficial investment in infrastructure.
The exit from New York state will be greater. It will lead to fewer investments from business people in New York, predicted billionaire business mogul John Catsimatidis.
Will there be fewer hires? Absolutely! The handshake budget deal announced by Hochul calls for companies in New York City with payrolls of $10 million a year or more to shell out nearly 1% more in taxes.
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