New York’s ranking in the Tax Foundation’s 2012 State Business Tax Climate Index is second to last, just ahead of New Jersey. Our climate ranked 49th — second worst — in 2011, and we’re 49th again in the new index. California was ranked just above New York at 48th.
The state’s business tax climate didn’t improve in Andrew Cuomo’s first year as governor, according to the Tax Foundation. To the contrary: while our overall ranking didn’t change, New York’s index “score” actually declined, thanks to the December 2011 income tax increase pushed through by Cuomo under the guise of “fairness reform.” (more…)
Here’s some more evidence of how Gov. Cuomo’s 29 percent personal income-tax hike for top earners is a risky proposition for New York City.
In response to a request from City Councilman James Oddo, the city’s Independent Budget Office (IBO) has analyzed 2009 tax data to see who pays New York City’s personal income tax.
The result? New York City’s top one percent — 34,612 individuals or families — made 33.8 percent of personal income in the city, or an average $2.2 million each.
They paid 43.2 percent of city personal-income taxes, or an average $75,416. (more…)
Just a few weeks ago, Gov. Andrew Cuomo was trying to get the “Occupy Albany” tent people arrested. This week, he hasn’t just caved to their main demand—he’s also begun to sound more like them.
As noted here the other day, the governor has begun to spout the kind of misleading descriptions of the state income tax code favored by Occupy participants and other tax hike advocates. The trend continues in today’s blast email from the Executive Chamber, touting Cuomo’s tax-hike deal with the Legislature.
E.J. McMahon of the Empire Center squared off against former state Assemblyman Richard Brodsky on a segment of NY1’s “Inside City Hall” last night.
E.J. began by informing moderator Errol Lewis that Governor Cuomo’s special session deal with the Legislature involves a significant tax increase, not a tax cut.
E.J. McMahon, the Empire Center’s senior fellow and frequent blogger on this site, discussed state tax issues Wednesday on YNN’s “Capital Tonight” program with Liz Benjamin. Also appearing was Michael Kink, a leading advocate of higher taxes.
Click here to view the result.