Contact: Mike Fraser, office: (518) 455-3751/cell: (518) 859-8518
The Tax Foundation released its annual Tax Freedom Day rankings, and sure as the sun rises in the east, New York is, again, ranked near worst in the nation. This year, Tax Freedom Day, the day that represents how long Americans must work to pay off the nation's $5.1 trillion tax bill, fell on April 23. However, when breaking down each individual state's tax burden, the group found New York ranks 48th with its Tax Freedom Day falling on May 11. Only New Jersey and Connecticut fare worse.
Each year, the governor touts his policies aimed at making New York friendlier to businesses and consumers, and each year New Yorkers must work longer than nearly every other state to pay their tax burden. Narrow, special interest-driven gimmicks and headline grabs only continue to harm taxpayers. As taxes continue to crush New Yorkers, they will continue to flee, further driving up the cost for those who remain. It is a vicious, degenerative cycle Gov. Cuomo seems ill-equipped to address.
NEW YORK NEEDS BROAD-BASED POLICIES
The Assembly Minority Conference has offered a number of solutions to New York's tax-and-harass economy. The Small Business Full Employment Act (A.5423) would be a tremendous help to New York's greatest economic drivers, our small businesses. It aims to improve the state's poor economic climate by:
- Reducing the Corporate Franchise Tax Rate from 6.5 percent to 2.5 percent for qualifying small businesses;
- Providing small businesses with up to 100 employees up to a $5,000 tax credit against the Personal Income Tax and Corporate Franchise Tax if they maintain their current employment level for one year; and
- Expanding the current Personal Income Tax exemption from 5 percent to 15 percent for qualifying small businesses and 20 percent for qualifying farm businesses.
My "BizBoom" legislation (A.5679) would, if enacted, cut all application fees for new businesses by 50 percent for their first year; eliminate business income taxes for the first year; and reduce income tax rates for the second and third years. I have also introduced "SHOP NY" (A.6113) to eliminate several cumbersome taxes, with local options, including those on gas, child restraint systems, protective helmets required by law, baby diapers, soap and toothpaste.
There is no excuse for New York's massive tax obligation. We have some of the greatest natural and human resources on the planet and it's about time New Yorkers were provided with an economic climate reflective of everything our great state has to offer.
What do you think? I want to hear from you. Send me your feedback, suggestions and ideas regarding this or any other issue facing New York State. You can always contact my district office at (315) 781-2030 or email me at firstname.lastname@example.org.