Last week, the non-partisan Tax Foundation released its annual report on State-Local Tax Burden Rankings. Unfortunately, their data (from the 2012 fiscal year) shows what we’ve long known – that New Yorkers faced the highest combined tax burden in the nation, 12.7% of income in the state going to state and local taxes.
While the state has approved some targeted tax relief in recent years, we’re still trailing the nation in this category. Which helps explain why much of the state continues to trail the nation in job creation since the end of the Great Recession. And it also underscores just how difficult it is to start and grow a business in the Empire State, particularly Upstate.
New Yorkers – especially those of who live Upstate — are desperate for additional tax relief, mandate reform and state policies that promote private sector investment and job creation. These are the ingredients for economic growth – not a $15 per-hour minimum wage.
Read our full statement here.