Goldman Sachs CEO David Solomon said New York City’s status as a premiere global business destination could diminish if it keeps increasing taxes on businesses.
In an interview during the Financial Times’s Global Banking Summit, Solomon said New York City “is not going away” but argued that there is no guarantee that the city will “have a permanent place in the world.”
ERIC ADAMS ELECTED NEW YORK CITY MAYOR
“New York has to be aware that there are good choices, and it’s got to make sure it keeps itself super attractive,” Solomon said, according to the news outlet. “At the end of the day, incentives matter, taxes matter, cost of living matters.”
New York City was hit hard during the pandemic. An estimated 300,000 residents left the city during the first lockdowns. Though many of those residents returned, a number of high-profile businesses moved their headquarters out of the city. For example, famed investor Cathy Wood’s ARC, tobacco company Philip Morris, and technology company Clear moved their headquarters out of the city.
CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER
In March, Solomon joined other business leaders in a letter to then-New York Gov. Andrew Cuomo, arguing against tax increases, Bloomberg reported.
Cuomo ultimately did not take the advice and subsequently signed a tax increase into law, predicting that Congress would restore the state and local tax deduction.
