With NY Still Trailing On Taxes, Biz Groups See More Work Needed

From the Morning Memo:

The Tax Foundation once again ranked New York among the states with the worst tax climate in the nation — something that doesn’t surprise the business groups that lobby for changes in Albany.

The group ranked New York 49th in the nation in overall taxes — a spot the state has typically held in recent years, despite a push to cut taxes and cap property tax levy increases on the local level.

Gov. Andrew Cuomo’s administration knocked the report and the Tax Foundation (which candidate Cuomo has cited in campaign literature), while also pointing to the strides the state has made on the issue.

“Their obvious ideology aside, the facts are that this administration has been rigorous and effective in constraining State spending growth to the lowest level in modern history – resulting in lower taxes for all New Yorkers,” said Division of Budget spokesman Morris Peters.

“We now have the lowest corporate tax rate since 1968, the lowest manufacturers tax rate since 1917 and, with the new income tax cuts phasing in this year, the lowest middle class tax rates since 1947.”

The Business Council, in a tweet, also noted the gains the state has made.

“We’ve made some decent strides in recent years, but clearly much more can and must be done,” the group said.

And Unshackle Upstate called the ranking part of the “sad status quo.”

“Our leaders in Albany must step up, embrace and enact an aggressive agenda that reduces our tax burden, cuts regulatory red tape and promotes private sector job growth,” said Executive Director Greg Biryla. “Until that happens, we’ll continue to be in the economic basement with New Jersey.”

This entry was posted by Nick Reisman on October 18, 2017