Finch: New York’s Tax Freedom Day Third Latest in Country
Assemblyman Gary D. Finch (R,I,C – Springport) today renewed his call for immediate relief from the crushing tax burden saddling New Yorkers.
Tomorrow, April 25, is Tax Freedom Day, which represents when taxpayers have paid off their combined federal, state and local tax obligations. New York observes this day later than all states except New Jersey (April 29) and Connecticut (April 30).
“It’s no secret that New Yorkers are drowning in ridiculous tax bills,” said Finch. “If this continues, we will see more residents and businesses leave the state. Where once New York was a great empire, a land of promise and dreams, we are now the so-called ‘tax capital of the world.’”
Multiple non-partisan groups have recently released studies indicating a trend of high taxes creating a poor economic climate in New York. The Empire Center for New York Policy outlined how the state budget’s $4 billion “temporary” personal income tax will cost the state in excess of 15,500 private sector jobs.
The Business Council of New York State states that New Yorkers will pay more for energy, health insurance and many everyday goods such as bottled water and wine.
All of this will translate to further job losses, noted Finch.
“In order to jump-start New York’s economy, we must invest in business and cut taxes,” Finch said. “Raising taxes is the most destructive thing that we can do, especially in tough economic times such as we are in now. New York’s late observance of Tax Freedom Day is just another indication of the financial woes people face because of an overbearing, overtaxing government. Session is nearing an end, so expediency is key; New York cannot survive with the current system in place. We need to cut taxes now.”