A non-partisan pro-taxpayer organization has issued a report card just before Election Day that ranks New York as the second worst business tax climate in the nation. Unshackle Upstate is calling on voters to really assess candidates’ plans to address high spending and improving the economy during the pandemic.
Board Chair Brian Sampson says the state needs to revamp its business policies and offer financial assistance to help them rebound and stay open.
“We then have to take the next step, which is why are we investing up to $10 billion a year in economic development money. You're doing that because you have to incentivize businesses to stay or to relocate here.”
The organization also found New York to be the number one state for overall tax burden. Sampson suggests that the only way that upstate New York’s economy could regain its losses during the pandemic is to invest in local, small businesses. He also says that residents help grow the local economy when they are working, but without a business-first environment, local business owners are reluctant to expand.
“They got into it for a reason. They want to own a business. They want to create jobs. They want to give back to their community. If you create the environment for them to do that, they'll do it more often.”
Sampson believes the only way to solve this problem is to fine-tune the state budget and mandate relief to ultimately lower business taxes. He says another key wage report due next year could potentially further add compounding stress to small businesses.
“In 2021, the state is going to have to determine what happens to the minimum wage. The one thing people are forgetting is that our minimum wage is going to go up to $12.50 [per hour]. Then the state is going to have to produce a report that says whether or not that increase in the minimum wage has had a detrimental impact on the economy.”
Sampson acknowledges that it’s also reached a tipping point for the average person to buy goods and services because average producers have also been forced to raise prices. He suggests that voters should research their local candidates to assess their economic growth and business platforms before casting their ballots.
