As we have said for years, the best economic-development tool for New York is to lower taxes to encourage private-sector job growth. The governor and legislature should be commended for understanding that high taxes are a recipe for failure, and for taking steps to make New York competitive once again. The recently enacted state budget took the […]
As we have said for years, the best economic-development tool for New York is to lower taxes to encourage private-sector job growth. The governor and legislature should be commended for understanding that high taxes are a recipe for failure, and for taking steps to make New York competitive once again. The recently enacted state budget took the first step in the journey to reinvigorate New York’s private sector.
The Tax Foundation has upgraded New York [in its rankings of the 50 states’ business tax climates] to 48th based largely on the reduction in the corporate franchise tax and the real property tax rebate for manufacturers. These are positive moves and ones that we encourage [to be] repeated for several more budget cycles.
Now is not the time to rest on this success. We must continue to find ways to lower New York’s property tax burden, reduce sales tax[es], and lower income taxes. Today we are 48th. Next year, and each subsequent year, we must lower that ranking until New York is once again the Empire State.
Brian Sampson is executive director of Unshackle Upstate, a coalition of business and trade organizations from across upstate New York that advocates for low-tax, pro-growth policies. This brief editorial is drawn from a statement Sampson issued on April 15. He was responding to the Washington, DC–based Tax Foundation’s April 14 special report indicating that New York would have moved up to 48th from 50th in its rankings of state business tax climates if the recently passed corporate-tax reforms New York adopted had already been in effect.