WTC Records Folder 0140 label, 2001

NYC 9/11 Public Portal Document

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The financial services industry, which was most directly and profoundly affected by the attacks, is by far the most significant industry to the State and the City in terms of generating taxable incomes for both individuals and corporations, and is one of the primary engines which drives the national economy. In fact, although the State of New York comprises less than 7 percent of the national population, it generates over 11 percent of total corporate taxes nationally, much of that contributed by financial services companies located in New York City.

This tax contribution imbalance has been highlighted in former Senator Moynihan's annual reports, The Federal Budget and the States. In fact, over the past decade New York taxpayers have sent approximately $16 billion more each year to the Federal treasury than the State receives back in Federal services and payments. Over the last 16 years, New York has run a total balance of payments deficit with the Federal government in excess of $250 billion. In light of the horrifying terrorist attacks of September 11`h, it is time that some of these Federal overpayments be returned to New York taxpayers, especially in the near term, to address the critical needs facing the citizens of this great State.

Enhancing Public Transportation Infrastructure and Safety

New York's transportation infrastructure programs present an opportunity to immediately stimulate the economy, create good paying jobs and spur further development. The State's transportation agencies, such as the Department of Transportation, the Metropolitan Transportation Authority and the Thruway Authority are positioned to begin additional projects quickly, thus maximizing the use of Federal assistance by immediately cycling this funding through the economy. The Federal Highway Administration has indicated that each $1 billion of transportation investment creates 42,000 jobs. These projects would also have added long-term benefits by improving access to businesses and industrial facilities. Major transportation projects have, historically, laid the foundation for expanding residential and commercial development and growth of jobs.

Any Federal economic stimulus package should include a sizable investment in transportation infrastructure, and be balanced so that urban, suburban and rural areas can all benefit in the ways that make the most sense locally. A portion of the program could target mass transportation, with funds for the transit and commuter systems that are essential to transport the workforce and connect communities. Recognizing the important role that the intercity rail system played in keeping the economy moving while the airline network was shut down, funds could be included to improve and expand rail service. In addition, resources could be provided for highway projects that will ensure that roads and bridges are ready to serve a recovering economy.

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NYC-WTC 000136764