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The letter, delivered to Governor Andrew Cuomo and Democratic members of the State Assembly and Senate, urged politicians to postpone any tax increases until the state and New York City have passed. more fully recovered from the pandemic and that workers return. As employers of more than 1.5 million people, leaders said many of their workers had left town and if taxes were to rise “they would vote with their feet.”
“Only around 10% of our colleagues are in the office and the future prospects of a dense urban workplace are uncertain,” the letter said. “Many of our staff have relocated their families to other locations, usually with much lower taxes than New York, and the proposed tax increases will make it harder for them to return. ”
The signatories of the letters include Jamie Dimon, CEO of JPMorgan Chase, Larry Fink, CEO of BlackRock Inc., Albert Bourla, CEO of Pfizer, Jane Fraser, CEO of Citigroup, and Robin Hayes, CEO of JetBlue. The group said “significant increases in corporate and personal tax will make it much more difficult to restart the economic engine and replenish the deep and diverse talent pool that makes New York City the world’s largest city.” .
“These are not companies threatening to leave the state; it’s just our people voting with their feet, ”the letter said.