New Tax Foundation Report Shows New York’s Business Climate Remains Toxic

Posted: Sep 28th, 2016

“The Tax Foundation has released its annual State Business Tax Climate Index and the results are troubling and frustrating.

New York State has the second-worst business tax climate in the nation. That’s simply unacceptable. If a well-respected research organization published a report that had similar findings about our educational or health care systems, the outcry would be deafening and Albany would go to great lengths to address the situation.

Yet when it comes to improving New York State’s business climate, our elected leaders have fallen far short of the public’s expectations. While some progress has been made to control property taxes and ease corporate taxes, this report clearly shows that 48 other states offer better opportunity for employers and job seekers. If we want to build a strong economy, then we need to transition from a strategy that relies on generous subsidies and tax incentives and move toward making New York a place where businesses can afford to invest.

To compete with other states and attract employers that create good paying jobs, our leaders in Albany must take bold steps – not baby steps. The solutions are well-known but as we’ve seen year after year, the political will is lacking.”