New Yorkers finally can keep a buck for themselves as state observes nation’s 3rd latest Tax Freedom Day, worst business climate, highest tax burden & 2nd highest income taxes
In New York, “everybody’s working for the weekend” is more than a song, it’s reality as this weekend is literally what everybody in the state’s been working for since January 1st.
This Sunday, May 4th, is Tax Freedom Day -- the day when taxpayers have symbolically worked long enough to pay off all of their tax bills at the federal, state and local levels and take a buck home.
Unfortunately, the Empire State has the third latest date in the nation for when taxpayers pay off all their tax obligations and start pocketing their hard-earned money to pay for things like mortgage, groceries, car payments, electric bills and college tuition.
Assemblyman Jim Tedisco (R,C,I-Glenville) today joined with the National Federation of Independent Business (NFIB NY), Unshackle Upstate, the Chamber of Southern Saratoga County and Saratoga County Chamber of Commerce to call attention to this ignominious distinction and note that while progress has been made, there’s a lot more work to be accomplished to help taxpayers escape from New York’s Tax Hell.
“New Yorkers have been working their tails off for over four months to fill the government’s coffers. Taxpayers can start keeping those dollars for themselves and their families now that Tax Freedom Day has at long last arrived. Unfortunately, despite what some television commercials suggest, New York is anything but tax free. While the Empire State has made some modest progress in getting New York working again, there’s still much to do to free taxpayers from the Tax Hell of being stuck at the bottom of the nation’s barrel for economic competitiveness and tax freedom,” said Tedisco.
New York ranks third behind Connecticut and New Jersey (both May 9) for the latest Tax Freedom Day in the nation, according to the Tax Foundation. Here’s a link to a map of state by state rankings of Tax Freedom Day in America.
“Once again, New York has one of the latest ‘Tax Freedom Days’ in the nation. This dubious distinction is indicative of our continued stifling tax burden, particularly with personal income and property taxes. The recent corporate only approach will not lessen the load for small business and New York’s status as a high-taxed state will remain until broad-based tax reform is enacted. Main Street and taxpayers need to see further reductions in personal income taxes, as well as comprehensive mandate relief to reduce property taxes. These bold steps will produce the necessary systematic reform New York needs to dramatically change our economic course,” said Mike Durant, NFIB NY State Director.
“New York's Tax Freedom Day coming nearly two weeks after the national average is just the most recent metric to underscore what every middle-class New Yorker already knows-New York State taxes too much, it spends too much and it borrows too much. Our property taxes, our income taxes and our corporate taxes continue to reinforce New York's reputation as hostile to business development and entrepreneurs, which is why we continue to see young adults and working professionals leave our state in droves. Unshackle Upstate and its membership thank Assemblyman Tedisco for his continued advocacy on behalf of Upstate taxpayers,” said Brian Sampson, Executive Director of Unshackle Upstate.
“Tech Valley’s small businesses face a tremendous burden in terms of taxation and regulation, and entrepreneurs are working harder than ever before just to stay even. I urge officials at all levels of government to look at every way possible to ease the pressure on our businesses so that they can put more people to work and help our economy grow,” said Pete Bardunias, President/CEO of the Chamber of Southern Saratoga County.
“Lower taxes and reducing our state’s tax burden for all current taxpayers in New York State should be the economic development priority of our state’s leaders. In Saratoga County, our elected leaders have shown the way by consistently making sure our county tax rates are among the lowest in New York State and that is part of the reason why Saratoga County’s economy continues to grow. Besides reducing our state’s tax burden, leaders in Albany must also finally eliminate the myriad of unfunded mandates that often times are the primary cause of increasing tax rates,” said Todd Shimkus, President of the Saratoga County Chamber of Commerce.
Tedisco offered the following suggestions as just some of the solutions to deliver tax freedom for all New Yorkers:
- Spending cap to permanently control state spending.
- Full state takeover of the largest unfunded mandate, Medicaid, to reduce local property taxes.
- Repeal the Wage Theft Reporting Act.
- Small Business Relief Act.
- Expedite Health Commissioner and DEC reports to provide safe guidelines for the development of natural gas from shale to put people back to work.
- Limit state borrowing, one-shots and other gimmicks to raise revenues.
- Truth in state borrowing so taxpayers know the principle, interest and payback period for any state debt that’s incurred.
- Accountability for all state authorities.
- Legislative Online Paperwork Reduction act to save taxpayers up to $50 million annually.
- 2/3 vote requirement for revenue enhancers and tax increases.