Comptroller Liu proposes plans to resuscitate small businesses

NEW YORK (TIP): NYC Comptroller John C. Liu presented a set of plans that will help the small time business ventures gain more tax breaks and expand further. The proposals were made in his keynote address at the Fifth Annual Asian American Economic Empowerment Conference at the City University of New York, March 28. John said, “What this city needs is more small business ventures, which has always been an integral part of the city.

But unfortunately, if you are a small business venture holder here at the city, then you not only pay regular taxes but also you end up paying additional regulatory fees and such. What we plan to do is provide more tax breaks to this group. Such tax subsidies are currently enjoyed only by bout 10 percent of the big corporates.” He also proposed a few set of plans to better the city’s infrastructure and education system. He said the public education system must be injected with a much needed shot in the arm. “In the research that my office did, we found that 4 out of 5 kids do not graduate from college. It is clear that our public school system is in crisis.

We must invest a lot in our education system,” said John. He also commended CUNY for holding the Asian American conference and lauded the achievements of the Asian American community in America. John said, “The Asian American is the fastest growing community in the United States. We have achieved a lot through our persistent efforts. But we are also a community that has a lot of diversities within ourselves. We must overcome them to Be more fructuous.”

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