Healthy, Vibrant Private Sector Key To Economic Recovery
Last week I had the opportunity to visit SABIC Innovative Plastics in Selkirk, a company that develops new materials and technologies which drive changes in the design and use of consumer and industrial products worldwide. Located on nearly 600 acres, SABIC employs 440 individuals who are charged with delivering the highest quality product, all while keeping their competitive edge and striving for continued innovation.
As I toured the plant, I began to see why they are a world leader. By employing so many residents and pumping money back into the local economy, SABIC is a positive force in our communityís continued economic development. However, just like thousands of businesses in New York State, SABIC is feeling the pinch from years of big government and high taxes.
The Empire State needs to understand the value of job creators like SABIC, and legislators must reverse the exodus of businesses and attract new investors. A vibrant private sector that creates good-paying jobs would help to straighten out the Empire Stateís current fiscal mess and set the stage for future economic growth.
Faced with staggering budget deficits and long-term fiscal instability, New York has relentlessly taxed businesses to the point of bankruptcy. With a tax burden 66 percent above the national average, it should be no surprise that New York ranks last in business climate, according to the non-partisan Tax Foundation. Spending has far outpaced inflation in recent years, resulting in massive deficits and a dire fiscal crisis. New York needs to reevaluate our corporate income tax, sales tax, and slate of expensive energy taxes.
Iím eager to work with Governor Cuomo and my colleagues to pass meaningful reforms that will attract businesses to our area in order to employ more of our local talent. For the first time in years, business owners in New York seem to have legislators and a Governor who understand that you cannot attract large employers with a big-spending government which continually resorts to raising taxes.
I am working with my colleagues on both sides of the aisle to develop a comprehensive statewide economic development plan that will reduce taxes and cut job-killing regulations on employers. Legislators need to support policies that support these types of businesses.
I advocate for the creation of a commission to review the costly regulations and red tape the state routinely imposes on businesses. It would be charged with proposing regulatory revisions that, absent legislative interference, would become law. Our state agencies need to outline the economic impact and cost of proposed regulations, and abolish the back-door borrowing which heaps millions of dollars onto state deficits.
Iím ready to work with my colleagues to create a healthy and sustainable private-sector economy by reversing detrimental regulations and promoting pro-growth policies. Letís open New York State for business today.