Come to NYS and Pick the Taxpayer’s PocketPosted: April 17, 2015
By Dave Duncan
Many residents of the Broome area get sick when they see the logo which tells big businesses how they can operate ten year tax free in NYS. NYS already leads the nation in Corporate Welfare even before the newly advertised Start Up NY plan.
Ranking State Subsidies to Private Businesses While corporate welfare, whether in the form of subsidies or bailouts, is more often associated with the federal government, state governments also regularly use generous, targeted subsidy packages to entice corporations to locate within their borders. As these charts show, corporate welfare is a significant problem at the state level, with New York State leading the rest. This study from the Mercatus Center of George Mason University, “the world’s premier university source for market-oriented ideas” (i.e. conservative research institute), was completed in Oct. 2104.
In 2014, just before the November elections, the Conservative Research group Tax Foundation presented Governor Cuomo with an award for “outstanding achievement in state tax reform.” The changes engineered by Cuomo gave NYS the “best corporate tax system in the U.S. of any state that has a corporate tax system.” Cuomo and the state legislature cut the corporate tax rate from 7.1% to 6.5%. This is the lowest corporate tax level since 1968.
These tax deals leave the rest of the state’s residents with higher taxes and fewer services. How do you feel about the political parties that sold us Cuomo?