Albany (October 9, 2012) – A new report by the non-profit Tax Foundation ranks New York again dead last among all states for its business climate. That, according to the National Federation of Independent Business (NFIB), is an embarrassing distinction that leaders in Albany must change.
“New York ranks in the bottom ten in every tax category except the corporate tax,” said NFIB State Director Mike Durant. “Governor Cuomo said two years ago that New York has no future as the tax capital of the United States, but that’s exactly what we are and unless that changes none of the other reforms will matter.”
The Tax Foundation ranks New York 50th overall. The state ranks 50th on income taxes, 45th on unemployment taxes, 45th on property taxes, 38th in sales taxes and 23rd in corporate taxes.
“We’re leading the country in all the wrong categories,” said Durant. “The two biggest taxes for small businesses are the income tax and the property tax, and those are higher than almost anywhere else.
“If we’re serious about changing New York’s reputation as a place to do business, then we need more than a slick advertising campaign,” he said. “We need real reform that starts with fewer mandates on local governments which drive up property taxes and we need lower, flatter income taxes that reward people for working and investing here.”
For more information about NFIB, please visit www.nfib.com
Click here to view the Tax Foundation report: http://taxfoundation.org/article/2013-state-business-tax-climate-index