NYC Tax Losses to Counterfeit Goods Sales

A New York City Councilwoman stated in a public hearing that the city losses up to $1 Billion in tax revenue each year to sales of counterfeit goods.

Councilwoman Margret Chin also stated that the sales of fakes in NYC has been linked to child labor and contributes revenue to organized crime groups.

(See revenue breakdown of organized crime syndicates.)

Source:  Verena Dobnik and Bethan McKernan, “NYC debates crackdown on counterfeit luxury goods,” AP, June 13, 2013.