In a letter sent this week to members of the New York Congressional delegation, the BCW is urging lawmakers to stand united in opposing the current tax reform bill that is being debated in Washington.
“The BCW has consistently urged Congress to reform and simplify the tax code which puts countless burdens and regulations on the backs of New York businesses. True tax reform will only help increase economic growth in our state and will give much-needed relief to taxpayers. Unfortunately the current tax reform bill that is being debated in the Senate/House Conference Committee would not help stimulate New York’s economy, in fact, by eliminating the deduction for state income taxes (SALT)and the deduction for local property taxes, we would be taking a major step backwards,” read the letter signed by BCW Executive Vice President and COO John Ravitz.
The letter goes on to say, “We cannot afford to have policies in place that will make New York less attractive to businesses. If that happens, New York will be at a severe disadvantage which will prevent us from recruiting and retaining the businesses that will create jobs for the next generation of New Yorkers.”