According to several estimates, New York State residents have the highest tax burden in the country. State-level taxes high on their own, but Albany policy also results in high taxes on the local level. According to the Association of Counties, 99 percent of the property taxes levied by counties outside New York City are consumed by just nine state mandates. Albany lacks the political will to face difficult questions about its culture of spending, which puts undue pressure on local government and results in diminished services.
In addition to its impact on services, New Yoker’s high tax status makes it difficult to attract businesses and residents. New York ranks 49th out of 50 States in the relative value of the dollar. $100 in New York can buy just under $87 worth of goods compared to the national average. In Tennessee, where Alliance Bernstein recently moved 1,000 well-paying jobs, it’s worth $111. New York has a world-class labor pool of educated, experienced workers, but we are becoming less and less competitive with other regions of the country on a cost basis. New York’s powerful economy is slowing, while lower taxed states are booming — and it’s not because of the weather. It is because we have high costs imposed by our state government, and we get little in return. New York’s tax and regulation structure needs to be addressed to encourage growth across the State.