Another study, another last place finish for New York.
Or perhaps, the more things change, the more they stay the same.
Either way, recent weeks in Albany have seen a laser like focus on New York’s substantial tax burden. We have seen Governor Cuomo enlist some old adversaries to study the issue and come up with a plan to substantially cut business and property taxes starting with the 2014-15 budget.
An election year gimmick or a comprehensive plan of attack? Too early to tell.
That said, small business in New York needs to see more from Albany in 2014 than they did in 2013. And the high burden of taxes is at or near the top of the list.
Below is our response to the latest Tax Foundation report..
New York this year kept its ranking as the worst state in America for business taxes and that distinction should give momentum to Governor Cuomo’s call for substantial relief, the National Federation of Independent Business (NFIB) said today.
“This is the second year in a row that New York has ranked dead last in the country,” said NFIB State Director Mike Durant. “We can’t let that reputation solidify, which means that real tax relief must be the Legislature’s top priority.”
Governor Cuomo last week announced the creation of a special task force to come up with billions of dollars in proposed tax cuts. That can’t be another token effort, said Durant, or New York will remain in the basement.
“The state has spent millions trying to change improve its image as a business-friendly place. That money will have been wasted without real tax reform,” said Durant. “It’s time for everyone in Albany to stop talking about taxes and do something to improve our competitiveness.”
According to the Tax Foundation report, New York ranks 45th or lower in three of five categories. It ranks 49th in personal income taxes, 45th in unemployment insurance taxes and 45th in property taxes.
“The good news is that there’s plenty of room for improvement,” said Durant. “The Governor laid out a serious proposal last week and this report should be a challenge to the Legislature. New York won’t be competitive as long as small business owners know they can cut their taxes just by moving out.”