New Yorks Budget: More Taxes, More Spending
An editorial in todays Wall Street Journal titled When Taxing the Rich Isnt Enough highlights how the recently-adopted $175.5 billion state budget spares no taxpayer. With the Majority now in total control of state government, the editorial notes that the long list of $1.2 billion in new taxes includes an Internet Sales Tax that will soak online shoppers for $160 million annually for local governments and $320 million annually for New York Citys broken transit system.
While the permanent 2% annual cap on property tax increases was a positive development, the editorial points out that New York is still the fourth worst state in the country for property and wealth taxes according to the Tax Foundation. Maybe its not the weather that is driving people to leave our state?
A successful alternative is highlighted in Florida, a state with a total budget of $89.7 billion and 1.75 million more residents. To stem the steady migration of New Yorkers fleeing to other states like Florida, our state government must make a serious effort to control taxes and spending.