Tax Report: New York Ranks Dead Last For Business
While the Cuomo administration has experienced what some would call an historic term in office, one aspect contributing to that description has been the Governor’s insistence that New York is open for business, promoting a new business-friendly atmosphere in the Empire state.
Just a few months ago, the governor had this to say about conducting business in New York:
“The focus of the administration has always been and will continue to be making New York work to help create jobs and grow businesses in every region of the state. In the spirit of entrepreneurial government and through our New York Works initiatives, we have positioned the state as a partner to the private sector to encourage billions of dollars of new investment in nanotechnology and other growth industries.”
It was less than a year ago that Cuomo launched a new marketing initiative called, “New York Open For Business”, which according to a press release, had the following aim:
In recent years, businesses have left the state in record numbers and job losses have devastated local communities, giving New York the image of having one of the worst business climates in the nation. The goal of the “New York Open for Business” initiative is to promote the many assets of investing in New York so the state can regain its reputation as a business-friendly location.
Sad news to report today however, indicating that it doesn’t matter if you open your doors to business, if nobody wants to go inside and buy anything.
Via Capitol Confidential:
This is interesting in light of today’s scheduled events, which include an update on Wall Street’s contribution to the state economy by Comptroller Tom DiNapoli and a NY Works meeting which is part of a Cuomo initiative to rebuild the state’s economy.
The Tax Foundation which, granted, looks askance at taxes, ranks New York dead last in terms of the business tax climate. They cite not just the income taxes but the state’s property taxes, unemployment taxes (overly complex and saddled with surcharges, they say) and overall complexity.
Here’s what they said:
Despite moderate corporate taxes, New York scores at the bottom this year by having the worst individual income tax, the sixth-worst unemployment insurance taxes, and the sixth-worst property taxes. The states in the bottom 10 suffer from the same afflictions: complex, non-neutral taxes with comparatively high rates.
Here is how the rest of the United States stacks up.
This of course, comes on the heels of a summertime report in which the Empire state was ranked dead last in business friendliness, and saw rankings drop in several other categories such as Quality of Life, Economy, Access to Capital, Cost of Living, and Infrastructure & Transportation.
As it stands now, doing business in New York under the Cuomo administration is an historically bad idea.