The non-partisan Tax Foundation ranks New York State's tax climate dead last.
We rank 50th overall (not a good place to be) and at or near the bottom in multiple categories, including individual income taxes (50th), property taxes (47th) and sales taxes (42nd). To make matters worse, our state is No. 2 in overall spending. It’s no wonder why we have an affordability problem here in New York.
Our state’s economic situation is so bad that Democrat State Comptroller Tom DiNapoli himself stated the state’s spending risks its long-term financial stability. What does that mean? The state could go insolvent by spending more than it takes in. But the problem is that our tax climate is so bad that taxpaying New Yorkers are leaving in droves, leaving fewer taxpayers to carry the burden imposed on them by Albany. Something needs to change.
As a small business owner, former president of the chamber of commerce and deputy town supervisor, I know what our economy needs. I’ve done it professionally as well as from a community perspective. For one, taxes need to be cut drastically. Despite the claim by some that taxes have been cut in this state, the metrics don’t lie; we’re still the worst compared to all the rest.
We need to eliminate costly regulations that come from a bureaucracy that doesn’t understand what it’s like to run a business. In order to accomplish this, we need to create a panel that can review the state’s various regulations to determine which are the most costly, outdated, and unnecessary burdens. And this needs to be done legislatively so that any panel empowered to review these regulations is obligated by law to meet whatever goals are set forth.
We also need to increase our energy production to reduce our utility rates. The way we accomplish this is by adopting an all-of-the-above approach to energy generation. I’m not against solar and wind, nor am I against gas and nuclear, but the state has put all of its eggs in one basket that it is struggling to provide the energy that New Yorkers need at a price they can afford.
Lastly, we need to end Albany’s addiction to unfunded mandates. As a deputy supervisor, I am familiar with how devastating these mandates are on a locality. In fact, to reference Comptroller DiNapoli, once again, he and his team recently reported that there are significantly more local governments, including cities, towns, villages and school districts, that are considering piercing the 2% tax cap in order to pay their bills. I can guarantee you that Albany’s unfunded mandates are playing a huge role in those decisions for those governments and school boards.
As we head into early voting and Election Day, it’s worth noting that my opponent, Pete Harckham, hasn’t helped the situation. Decisions that he, his colleagues in the State Senate, and Gov. Hochul, have made over the last few years have contributed significantly to the affordability crisis. Taxes have been increased by $2.5 billion, housing costs are up more than 68%, our energy bills are the third-highest in the nation, we also are paying more for groceries, as well as being charged to drive into New York City. At this point, one really needs to ask: after eight years of Pete Harckham and five years of Kathy Hochul, are you better off today than you were when they took office?
Sergio Esposito is running for a seat in the state's 40th Senate District.
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