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A new report by the non-profit Tax Foundation ranks New York second worst in the country for its business climate, an embarrassing distinction and one that Governor Cuomo and lawmakers should continue working to improve, according to the National Federation of Independent Business (NFIB).
“What this report shows is that, to borrow a phase from the Governor, the game has not been changed just yet,” said NFIB State Director Mike Durant. “Make no mistake, 2011 was a good year for New York’s business community, but the work is just getting started. The needs of New York’s business owners are not going to be headline grabbing legislative efforts. The Governor and lawmakers need to hone in on the state’s onerous regulatory environment.”
The report cites New York’s sky-high income taxes, property taxes, sales taxes and corporate taxes.
“In three of the five categories analyzed by the report, New York ranks in the bottom ten,” said Durant. “I can promise you that business owners are paying attention to that report. I know the Governor and legislative leaders have listened to the business community, but listening is not enough. The time for action in Albany is now.”
The Legislature last year passed a tax reform plan and property tax cap, both supported by NFIB that reduced taxes slightly for most taxpayers and limited property tax increases for business and homeowners at two percent. That may have been dramatic by New York standards, said Durant, but it won’t be enough to reverse years of damage to the state’s anti-business reputation.
“Even with the reforms our taxes are still higher than nearly every other state and that is directly tied to Albany’s historic inattention to the state’s fiscal condition. That is changing under Governor Cuomo but it needs a sustained effort” said Durant. “What they did last year should be considered a down payment on more substantial tax reform and meaningful mandate relief to reduce the burden for small business owners and taxpayers.”
While report today focuses only on taxes, New York is uncompetitive in other areas as well, including burdensome government mandates and a predatory tort system.
“New York has a very well-rounded anti-business climate,” said Durant. “Ultimately this report shows that, while we are moving in a better direction, we still need a game changer.”
For more information about NFIB, please visit www.nfib.com/new-york..
A new report by the non-profit Tax Foundation ranks New York second worst in the country for its business climate, an embarrassing distinction and one that Governor Cuomo and lawmakers should continue working to improve, according to the National Federation of Independent Business (NFIB).
“What this report shows is that, to borrow a phase from the Governor, the game has not been changed just yet,” said NFIB State Director Mike Durant. “Make no mistake, 2011 was a good year for New York’s business community, but the work is just getting started. The needs of New York’s business owners are not going to be headline grabbing legislative efforts. The Governor and lawmakers need to hone in on the state’s onerous regulatory environment.”
The report cites New York’s sky-high income taxes, property taxes, sales taxes and corporate taxes.
“In three of the five categories analyzed by the report, New York ranks in the bottom ten,” said Durant. “I can promise you that business owners are paying attention to that report. I know the Governor and legislative leaders have listened to the business community, but listening is not enough. The time for action in Albany is now.”
The Legislature last year passed a tax reform plan and property tax cap, both supported by NFIB that reduced taxes slightly for most taxpayers and limited property tax increases for business and homeowners at two percent. That may have been dramatic by New York standards, said Durant, but it won’t be enough to reverse years of damage to the state’s anti-business reputation.
“Even with the reforms our taxes are still higher than nearly every other state and that is directly tied to Albany’s historic inattention to the state’s fiscal condition. That is changing under Governor Cuomo but it needs a sustained effort” said Durant. “What they did last year should be considered a down payment on more substantial tax reform and meaningful mandate relief to reduce the burden for small business owners and taxpayers.”
While report today focuses only on taxes, New York is uncompetitive in other areas as well, including burdensome government mandates and a predatory tort system.
“New York has a very well-rounded anti-business climate,” said Durant. “Ultimately this report shows that, while we are moving in a better direction, we still need a game changer.”
For more information about NFIB, please visit www.nfib.com/new-york..
