Following New York’s economic outlook being dubbed the worst in the nation as part of The Rich States, Poor States: American Legislative Exchange Council-Laffer State Economic Competitiveness Index , Assemblyman Robert Smullen (R,C,I, SAM –Meco) is calling for large-scale changes to the state’s overwhelming property and income taxes and spending. According to ALEC, New York ranked dead last under Economic Outlook and 36th in the nation on Economic Performance.
“The numbers speak for themselves,” said Smullen. “Despite the rhetoric from the governor’s office and Democrats in charge of our state, we are lightyears away from a tax-friendly state. Look no further than the mass exodus from our state in recent years to exemplify the strain high property and income taxes place on our families, businesses and seniors. Our recently-passed state budget was almost as much as that of Florida and Texas combined, despite both states having higher populations. ALEC’s numbers are deeply troubling and paint a frightening picture for the next generation of New Yorkers.”
ALEC ranks all 50 states’ Economic Outlook Forecast based on a number of variables, including property tax burden, income tax burden, sales tax burden, state debt, inheritance tax and public employees per capita—all of which are directly influenced by state legislative policies. Each state is also ranked based on their Economic Performance, which is a backward-looking measure based on a state’s performance on three important variables: State Gross Domestic Product, Absolute Domestic Migration and Non-Farm Payroll Employment—all of which are highly influenced by state policy.
“I’ve long said that New York doesn’t having a revenue problem, it has a spending problem, and we continue to see our taxes fund reckless spending and lavish giveaways that have put us in this position. This year’s budget was no exception. Instead of using our large infusion of federal aid for more tax relief to the struggling middle-class, backroom politicians spent it on free college for prison convicts and a new sports stadium. We need to drastically cut our income and property taxes, eliminate New York’s deficit spending paradigm, encourage small business growth, support our family farms and address record inflation head on. Only then will we see population rebound and the regrettable loss of congressional representation in Washington restored.”