If you believe your taxes are too high living in the State of New York, a new study released by WalletHub confirms that unfortunate belief for your pocketbook and your family.
WalletHub released its list of the highest and lowest tax rates in all of America, and guess who ranked at the bottom of the list as one of the worst in the nation?
You bet: the State of New York.
According to WalletHub, New York ranked 50th out of 51 states and the District of Columbia when it comes to having one of the highest tax rates in America.
“As the cost of doing business in New York continues to skyrocket, it's no surprise that companies are packing their bags and heading elsewhere,” wrote Twitter user @KelvinLiz on the social media platform now known as @X.
“Hundreds of businesses, including major financial institutions, have fled New York because of high taxes, regulations and crime,” added @X user @LorrieAnn25.
The economic news goes from bad to worse in the State of New York according to a recent poll.
New York is bad for business and many want to bolt for states with lower taxes, with big government to blame for a corporate climate that stifles growth.
That’s how a large majority of CEOs and corporate leaders feel according to the recent results of a Siena College survey on the business climate in Upstate New York.
The survey results are clear: politicians who control government in the Empire State are to blame.
Business leaders were blunt in blasting bloated bureaucracies and big government for killing jobs in New York.
“The results of this survey show the concern employers express to us every day that harmful policies are adversely impacting their business’ ability to grow and prosper. Our business sectors are seeing high taxes, strict mandates, and little cooperation from lawmakers, forcing them and their employees out of New York State. Instead of encouraging investments in our state, those elected to represent businesses in their districts continually pass legislation and accept policies that add burdens to the already mounting challenges of doing business in New York. This must end,” said The Business Council of New York State CEO Heather Mulligan.
Two-thirds believe the business climate is getting worse, not better, in New York State.
A whopping 81% of CEOs say that New York State government is a detriment to doing business here.
Almost 90% feel the same way about the federal government, that politicians in Washington DC are doing a poor job of creating a positive business climate.
Big government regulation was at the top of the list of why jobs are cut and businesses struggle, with 65% of CEOs believing this to be the case.
Only 29% are on the lookout to hire more workers.
“Large majorities (of CEOs) say that state government, crime, housing affordability and local permitting processes are detriments. And more CEOs say our energy systems, healthcare system, workforce, local government and even our culture is more of a detriment than an asset,” said Siena College Research Institute Director Don Levy.