Business climate (poor-worst)

 

UPAC: The Simple Facts

The simple fact: New Yorkers can no longer afford to elect leaders whose tax-and-spend policies ultimately hurt families and businesses. According to a 2009 CNBC report, “America’s Top States for Business”, New York ranked #36 – coming in dead last under the Cost of Doing Business and Workforce categories. The 2010 Alec-Laffer State Economic Competitiveness Index, issued earlier this year, found that New York has the worst economic outlook of any state in the country.

DID YOU KNOW? New York was ranked #50 for having the WORST economic outlook of any state in the nation. NY’s fiscal and economic woes are associated with their chronically high taxes and excessive government spending (American Legislative Exchange Council) – Empire Center

Thought there was no borrowing? DID YOU KNOW that NYS will borrow up to $2B from taxpayers over the next 3 years through tax credit deferrals included in the revenue package (Empire Center)

From 2000 to 2008, DID YOU KNOW that NY experienced the nation’s largest loss of residents to other states – net domestic outflow of over $1.5M, 8% of its population since start of 2000. (Empire Center for NYS Policy)

Some More Alarming Statistics

  • The 2010-2011 budget will hit New York’s families and businesses with another $1.2 billion in new taxes and fees. That’s on top of the $8 billion in taxes from the 2009-2010 budget.
  • State spending increased from $131.8 billion in the 2009-2010 budget to $136.5 billion in the 2010-2011 budget.
  • Between 2000-2008, more than 1.5 million New Yorkers fled the state.

These dismal statistics and rankings are a direct result of the failed policies of our legislative leaders. It’s up to us to change those policies and we do that by changing who we send to Albany.

Central To Our Vision

  • Reducing State and Local Spending, which continues to outpace inflation. New York, its taxpayers and job creators simply cannot afford our state’s current spending habits.
  • Reducing Taxes, Fees and Assessments, which make New York’s income taxes an appalling 22% higher than the national average. Local property taxes are 55% higher, while local sales taxes are twice the national average.
  • Reducing Mandates, the labyrinth of laws and regulations that make New York notoriously unfriendly to business and job creation and saddle local governments with expensive unfunded requirements that ultimately raise taxes. State legislators must stop forcing mandates on the hard working men and women of this state.
  • Reducing State Borrowing, which continues to escalate. Nearly 17% of every tax dollar collected goes to debt payments. New York now resorts to bonding projects in order to provide additional operational dollars.

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New York’s 2011 Business Tax Climate Ranks 50th

 

New York ranks 50th in the Tax Foundation’s State Business Tax Climate Index. The Index compares the states in five areas of taxation that impact business: corporate taxes; individual income taxes; sales taxes; unemployment insurance taxes; and taxes on property, including residential and commercial property. Neighboring states ranked as follows: Pennsylvania (26th), New Jersey (48th), Connecticut (47th) and Vermont (38th).
50-State Comparison of Business Tax Climates (data only)
2011 State Business Tax Climate Index, Eighth Edition (full study)

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Unique New York – Key indicators of the economic performance of New York State
The Public Policy Institute, Albany NY

September, 2011

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Amount
Growth
US Rank
Source
1. Gross State Product 2010
$1,159,540,000,000
  US Rank: 3 (Bureau of Economic Analysis, interactive map)
2. Per-capita Gross State Product 2010
$53,377
  US Rank: 6 (Bureau of Economic Analysis, interactive map)
3a. Personal Income Growth by state (2000-2010)
2000 $657,894,432,000 2010 $946,053,718,000
Percent growth: 43.8% US Rank: 38
(for PI growth between 2000 and 2010)
(Bureau of Economic Analysis, interactive map)
3b. Personal Income Growth by state, (1999-2009) 1999: $616,056,731,000
2009: $908,997,016,000
Percent growth: 47.55% US Rank: 44
(for PI growth between 1999 and 2009)
(Bureau of Economic Analysis, interactive map)
4. Personal Income Downstate 2009 (12-county MTA Region)
1999: $459,523,914
2009: $681,624,228,000
State share: 75.5%
Personal Income Growth Downstate 1999-2009: 48.3%
US Rank: Downstate NY Region ranks behind 42 states when comparing personal income growth between 1999 and 2009 (Bureau of Economic Analysis, interactive map)
5. Personal Income Upstate 2009 (50 non-MTA Region counties)
1999: $155,672,962,000
2009: $221,433,239,000
State share: 24.5%
Personal Income Growth Upstate 1999-2009: 42.2%
US Rank: Upstate NY Region lags behind all states except for Ohio, Michigan and Indiana, in terms of personal income growth between 1999 and 2009 (Bureau of Economic Analysis, interactive map)
6. Population Growth 2000-2010
July 2000: $18,996,959
July 2010: $19,577,730
Percent Growth: 3.1%
US Rank (% growth): 42 (U.S. Census Bureau, Population Estimates)
7. Population Growth Downstate 2000-2010 July 2000: $12,708,074
July 2010: $13,355,539
Percent growth: 5.1%
US Rank: 36 (U.S. Census Bureau, Population Estimates)
8. Population Growth Upstate 2000-2010 July 2000: 6,288,885
July 2010: 6,222,191
Percent growth: -1.1%
US Rank: Behind all
US states and
Washington, DC
(U.S. Census Bureau, Population Estimates)
9. State and Local Tax Burden per Capita, 2009
NY tax burden per capita: $6,157
  US Rank: 3 (Tax Foundation data)
10. Local Property Taxes 2007-2009, as a percentage of home value     US Rank: Top 15 counties located in NY (Tax Foundation data)
11.State and Local Tax Burden as a Percentage of State Income, 2009 Percent of taxpayer income used for state and local taxes: 12.1%   US Rank: 2 (Tax Foundation, State and Local Tax Burdens: All states, One Year, 1977-2009)
12. State and Local Corporate Income Tax Per-capita 2008 $583   US Rank: 2 (Tax Foundation data)
13. State and Local Government Debt Per-capita 2008
$13,872
  US Rank: 3 (Tax Foundation data)
14. Estimated Per Pupil Public Elementary and Secondary School Expenditures, 2011
$17,750
  US Rank: 1 (State Rankings 2011: A Statistical View of America)
15. Median Cost of Housing per Month (owner occupied) 2005-2009
$1,898
  US Rank: 8 (U.S Census Bureau, American FactFinder data)
16. Cost of Electricity 2009 (cents per kilowatt-hour)
15.52
(63% above U.S. avg)
US Rank: 3 (U.S. Energy Information Administration data)
17. Business Tax Climate Index 2011  
2011: 3.73
US Rank: 50 (Tax Foundation, Background Paper, 2011 State Business Tax Climate Index)
18. New Economy Index 2010
71.3
  US Rank: 10 (The Information Technology and Innovation Foundation, 2010 State New Economy Index )
19. Total full and part-time private employment growth Statewide, April ’11: 7,103,400
Year-to-year change statewide: +100,100
Year-to-year change Upstate: +28,700
Year-to-year change Downstate: +51,300
  New York ranking to other states 9 (-2.3%) (2008-2009) (Bureau of Economic Analysis data, NYSDOL data)

Personal income growth data does not take into account the rate of inflation

 

JUST THE FACTS ARCHIVES

 

Let's Make It Here - Keys to a Manufacturing Resurgence in New York

Let’s Make It Here

Keys to a Manufacturing Resurgence in New York
May 2011

 

 

Derailing New York's Economic Engine


Derailing New York’s
Economic Engine

How Albany Punishes New York’s Largest Industry

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