02/22/2005
Unions,
spending interests
propose raising taxes by up to $10 billion
A coalition of labor unions and advocates of higher taxing and spending is urging state lawmakers to increase taxes in New York State by as much as $10 billion a year.
The proposal includes an increase of as much as $7.7 billion in the state's personal-income tax as well as increases in business taxes and fees of at least $1.5 billion.
“New York State has the nation’s highest tax burden by far, and we’re paying dearly for it,” said Daniel B. Walsh, president/CEO of The Business Council. “That’s why our most recent one-year job-growth rate is less than half the nation's—and Upstate's is less than one-eighth the nation's."
“Businesses and advocates for fiscal common sense across the state must make their voices loud and clear to lawmakers in Albany,” Walsh added. “We have enough problems with high taxes. We must not raise taxes. Instead, we must reduce spending and reduce taxes at all levels of government.”
The latest study of state tax burdens, by the Federal Reserve Bank of Boston, found that the tax burden on New York’s businesses and workers was the highest in the nation by far, and 43 percent above average. The Fed study also found that social needs do not appear to explain the heavier tax burden in New York.