No city in America can match New York’s broad array of taxes—more typical of a state than of a municipal government. Most New York City residents and businesses are subject to combined state and local tax rates far exceeding national norms. Such high taxes are a headwind against economic growth: they add to overhead, cut into profits, and make it costlier to employ people. Read More
Among the things New Yorkers will really need over the next four years is a city controller who’s willing to be a forceful and effective watchdog and advocate for taxpayers. Unfortunately, personal peccadilloes aside, Eliot Spitzer’s record as governor of New York raises serious questions of his suitability for this particular job. Read More
New York's mayoral candidates have paid surprisingly little attention to one issue that really sets the Big Apple apart: an extraordinarily heavy tax burden. No other big city in the country imposes such a broad array of taxes at such high levels, piling its own levies on top of those collected by Albany. For example, corporations pay a combined rate of 17.5 percent on net income allocated to New York City, roughly double the average in most of the country. At the same time, the city's property tax is engineered to fall most heavily on commercial property and apartment buildings -- contributing to sky-high rents in both categories... Read More
Gov. Andrew Cuomo has said that his proposal to allow up to three casinos in upstate New York will "create thousands of new jobs where they are needed most." Now comes the small print: it turns out those jobs will be controlled mainly by the state's politically powerful labor unions, whose support the governor presumably is courting for the constitutional amendment that voters will be asked to approve this fall to legalize casino gambling on a broader scale. Read More
Under ObamaCare, the promise ran, if you have coverage you like, you’ll be able to keep it. That turned out, of course, to be untrue. Now everyone from businesses to unions is scrambling to find a survival strategy before the law’s implementation come January. Read More
When a government watchdog as knowledgeable as Steven Greenhut, a Bloomberg View contributor, writes that California deserves to knock New York out of last place in rankings of state business climates, it’s tempting to agree. If only he had a stronger case. Read More
Gov. Cuomo said last week that he’ll propose a “financial restructuring group” to help fiscally distressed local governments pursue options that would include “consolidation, mergers, shared services, reduced workforces, fewer elected officials.” Read More
A senior Albany lawmaker disclosed last week that he wants to investigate a new taxpayer-funded deal that will give state officials the right to use a luxury box at the Buffalo Bills' stadium. Read More
Echoing the bayou hunters in the reality show “Duck Dynasty,” Gov. Cuomo said last week that he’s “hap, hap happy” with his new budget. But there are at least five reasons for New Yorkers in general to be less cheerful about the state spending plan for fiscal 2013-14, which starts today. Read More
Gov. Cuomo and the Legislature reportedly are cooking up something like areprise of their December 2011 “tax reform” charade — which combined a $2.5 billion tax hike for million-dollar earners with small income-tax cuts for middle-class households. Read More
Gov. Cuomo is cruising toward his third consecutive on-time state budget, which will no doubt be cited as further evidence that a new era of fiscal responsibility has dawned in Albany. Yet the governor hasn’t turned his back on budget gimmickry. Read More
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