Tax Freedom Day: New York Goes From Bad To Worse
Once upon a time, I actually agreed with Andrew Cuomo on the subject of taxes. Back in October 2011, only 10 months into his first term, the governor stated that, “You are kidding yourself if you think you can be one of the highest-taxed states in the nation, have a reputation for being anti-business and have a rosy economic future.”
Somewhere along the line that mentality changed, and the state’s oppressive tax problems have not. This year, National Tax Freedom Day, the date representing how long Americans work to pay off their tax bill, fell on April 19. Unfortunately, New York State residents aren’t free of their tax burden so quickly. New York’s Tax Freedom Day is May 14 – the worst in in the nation – meaning that no state requires their taxpayers to work longer or harder.
When the governor made those remarks in 2011, only two other states had later Tax Freedom Days than New York’s date of April 24. In 2018, we have managed to get even worse as our Tax Freedom Day is nearly three weeks later and dead last in the country.
TAXES ARE CRIPPLING OUR ECONOMY
New York has the nation’s worst local and state tax burden, 47th worst property taxes, 49th worst personal income taxes, 49th worst business tax climate and 2nd highest debt burden, to go with its bottom-of-the-barrel Tax Freedom Day. The Assembly Minority Conference has continuously offered a number of proposals to help mitigate New York’s brutal economic climate.
The Small Business Full Employment Act (A.5423) is a way to give New York’s economic engine and job creators, small businesses, a fair shot. It would reduce the Corporate Franchise Tax Rate, provide small businesses with a tax credit against the Personal Income Tax and Corporate Franchise Tax if they maintain their current employment level for one year, and expand the Personal Income Tax exemption for qualifying small businesses and farm businesses.
And, to further make owning a business in New York easier, I introduced “BizBoom” (A.5679) which, if enacted, would cut application fees for new businesses by half their first year; eliminate business income taxes for the first year; and reduce income tax rates for the second and third years.
MAKING LIFE EASIER FOR ALL NEW YORKERS
Residents are being nickel and dimed at every turn. We must do more to fight the assault on hard-working New Yorkers. We can start by putting money back in people’s pockets by reducing crushing property taxes. Components of my plan (A.9901) include:
- Freezing homeowners’ and businesses’ property taxes at the 2018 level by requiring the state to take over the property tax growth of any local government or school district that stays within the Real Property Tax Cap;
- Establishing a Real Property Tax Redesign Team charged with reducing mandates and finding recurring savings to further reduce property tax expenses; and
- Providing relief to New York City taxpayers by requiring the City to adhere to the Real Property Tax Cap.
Also, in order to alleviate some everyday costs bogging down New Yorkers, I introduced “SHOP NY” (A.6113) to eliminate taxes on gas, child restraint systems, protective helmets required by law, baby diapers, soap and toothpaste.
How many more people must flee before Albany takes this problem seriously? By nearly every metric, New Yorkers are being economically crushed. We have reached a tipping point and, quite frankly, there is no end in sight. We must get serious about reducing taxes in New York. We, literally, have nowhere to go but up.
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 email@example.com.