FOR IMMEDIATE RELEASE: June 15, 2018
New York, New York - U.S. Senate candidate Chele Farley (R,C, Reform), blasted Kirsten Gillibrand for proposing a New York job killing tax that would dramatically increase the state’s $48 billion deficit of payments with the federal government.
Earlier this week, at a liberal conference for liberal 2020 presidential contenders, the We the People Summit, Senator Gillibrand proposed a financial transactions tax as a means to address income inequality.
“In her rush to be president, Kirsten Gillibrand once again abandons New York by proposing to further expand New York’s ‘income inequality’ with the federal government, ship jobs out of state and send more of our hard-earned tax dollars to Washington,” said Farley.
In May, Alliance Bernstein Holding LP, one of Wall Street’s oldest firms, announced plans to relocate its headquarters, including over 1,000 employees, from New York to Nashville, Tenn., in an effort to cut costs. As reported in Bloomberg, “last year, relocations contributed to the first decline in New York City’s securities workforce since 2013.“
In announcing the move, Bernstein CEO Seth Bernstein, cited Tennessee’s lack of income tax as an important consideration, especially since tax law revisions curtailed individual filer’s ability to deduct what they pay at the state and local level.
“Isn’t $48 billion enough? New York already has the highest tax burden in America, only made worse by the recent cap on state and local tax deductions in the federal tax bill. A financial transactions tax would tip the scales,” said Farley.
New York’s budget is precariously balanced by revenues from a relatively small number of top earners. Last fiscal year, the securities industry accounted for 18 percent of State tax revenues and 6 percent of City tax revenues.
Concluded Farley, “Increasing tax burdens, coupled with crumbling infrastructure, poor transit systems, and declining services, will push New York into an economic death spiral. The more firms which leave, the less revenue generated, and the greater the shift of burden to middle class taxpayers. Enough is enough! It’s time to elect a senator who will fight for New York, not throw up roadblocks for the sake of her national political aspirations.”
Chele Farley is an outsider with over 25 years of experience in the private sector. She is the endorsed Republican, Conservative and Reform Party candidate for U.S. Senate. Farley lives in New York City with her husband Richard and their three sons. For more information about U.S. Senate candidate Chele Farley, please visit www.CheleFarleyforSenate.com.