There are lots of reasons that manufacturers might hesitate before leaving their home state for New York. For one thing, income taxes can be twice as high in New York compared to Arizona, with top rates at 8.82 percent compared to 4.54 percent.
“It’s not just taxes,” E.J. McMahon of the fiscally conservative Empire Center think tank. New York “can be seen as a tough place to do business.” [Read_more]
New York City is among the highest-taxed cities in the U.S. The combined federal, state and local income-tax rate for individual filers making $1 million or more in New York City is 48.25% when taking into account deductions, said E.J. McMahon, founder and research director of the Empire Center for Public Policy, a think tank based in Albany, N.Y. That rate, which doesn't include health care or Social Security taxes, would increase to about 48.57% under Mr. de Blasio's proposal. [Read_more]
“This has been a trend in the city payroll. We need to ask why is this happening and get an answer,” said Empire Center Executive Director, Tim Hoefer, “New York City residents need to say we have to stop this.” [Read_more]
New York remains a leader when it comes to education spending. A report released by the Empire Center found the state spends more than $20,000 per student, nearly twice the national average. [Read_more]