Tax Report: New York Ranks Dead Last For Business

October 9, 2012 at 4:22 pm (Andrew Cuomo, Business, Business-Friendly, Economy, Governor Cuomo, New York, NY Works, Open For Business, Tax, Tom DiNapoli)

While the Cuomo administration has experienced what some would call an historic term in office, one aspect contributing to that description has been the Governor’s insistence that New York is open for business, promoting a new business-friendly atmosphere in the Empire state.

Just a few months ago, the governor had this to say about conducting business in New York:

“The focus of the administration has always been and will continue to be making New York work to help create jobs and grow businesses in every region of the state.  In the spirit of entrepreneurial government and through our New York Works initiatives, we have positioned the state as a partner to the private sector to encourage billions of dollars of new investment in nanotechnology and other growth industries.”

It was less than a year ago that Cuomo launched a new marketing initiative called, “New York Open For Business”, which according to a press release, had the following aim:

In recent years, businesses have left the state in record numbers and job losses have devastated local communities, giving New York the image of having one of the worst business climates in the nation. The goal of the “New York Open for Business” initiative is to promote the many assets of investing in New York so the state can regain its reputation as a business-friendly location.

Sad news to report today however, indicating that it doesn’t matter if you open your doors to business, if nobody wants to go inside and buy anything.

Via Capitol Confidential:

This is interesting in light of today’s scheduled events, which include an update on Wall Street’s contribution to the state economy by Comptroller Tom DiNapoli and a NY Works meeting which is part of a Cuomo initiative to rebuild the state’s economy.

The Tax Foundation which, granted, looks askance at taxes, ranks New York dead last in terms of the business tax climate. They cite not just the income taxes but the state’s property taxes, unemployment taxes (overly complex and saddled with surcharges, they say) and overall complexity.

Here’s what they said:

Despite moderate corporate taxes, New York scores at the bottom this year by having the worst individual income tax, the sixth-worst unemployment insurance taxes, and the sixth-worst property taxes. The states in the bottom 10 suffer from the same afflictions: complex, non-neutral taxes with comparatively high rates.

Read the full report here.

Here is how the rest of the United States stacks up.

This of course, comes on the heels of a summertime report in which the Empire state was ranked dead last in business friendliness, and saw rankings drop in several other categories such as Quality of Life, Economy, Access to Capital, Cost of Living, and Infrastructure & Transportation.

As it stands now, doing business in New York under the Cuomo administration is an historically bad idea.

Advertisements

Permalink Leave a Comment

Good News! Obamacare to Slam the Economy with $1 Trillion in New Taxes

July 26, 2012 at 8:17 pm (CBO, Congressional Budget Office, Healthcare, Obamacare, Obamatax, Penalty, Penalty Tax, President Obama, Raise Taxes, Tax, Tax Increase, Taxes)

Call it a penalty, call it a tax.  Call it a “penalty tax” as the Congressional Budget Office (CBO) has.

Call it what you will, we’ll just call it ‘devastating’.

Beltway Confidential reports:

President Obama’s health care law raises taxes by $1 trillion, according to a new report from the Congressional Budget Office.

The individual mandate — which the CBO calls a “penalty tax,” in apparent deference to Chief Justice John Roberts — will produce $55 billion in “penalty payments by uninsured individuals,” the CBO told House Speaker John Boehner, R-Ohio, in a Tuesday letter. Of course, the framers of the law didn’t design the mandate as a tax, and so it produces less revenue than any other provision in the bill.

The “additional hospital insurance tax” is the largest tax increase in Obamacare, projected to bring in $318 billion in new revenues. According to the 2010 report from the Journal of Accountancy, this tax hits “high-income tax payers” — individuals making over $125,000 a year or households making over $250,000 a year.

It may hit so-called high-income tax payers, but it will most certainly have an effect on lower-income families as well.

This from the Tax Policy Blog:

Though Obama vowed not to raise taxes on low-to-middle income Americans, various provisions will most certainly fall on lower income groups. For example, new annual taxes on health insurance providers, drug manufacturers, and the medical device industry will be passed on to all consumers in the form of higher prices and premiums. More direct are new taxes on high-cost “Cadillac” health plans, the tax on tanning services that is already in effect, and the individual mandate tax/penalty.

Regarding the tax/penalty for not purchasing health insurance, my analysis indicates that many low and middle-income households will experience tax increases of substantial magnitude. For example, starting in 2016, an uninsured family of four with income of $50,000 will owe $2,085—or 4.17 percent of income.  As shown in the table above, the individual mandate represents a $55 billion tax increase over 10 years, and this is before it is fully phased in. 

With high- and low-income earners alike having to worry about massive tax increases, the Obamatax should do wonders for the economy, particularly in the areas of spending and consumer confidence.

Here is a video reminder of Obama saying, “You don’t raise taxes in a recession”.

Permalink Leave a Comment

Report: Obamacare is a "Big Tax, Particularly on the Poor"

July 26, 2012 at 7:00 am (Big Tax, Healthcare, Healthcare Costs, Middle Class, Obamacare, Obamatax, Poor, President Obama, Rich, Supreme Court, Tax)

Just another sobering reminder that the President’s healthcare plan is a burden on people at every income level.  While the administration would like to play semantics on calling it a penalty, the rest of the nation, in light of the recent Supreme Court decision, recognizes the massive tax implications of Obamacare – and now we’re learning that the effects will be economically devastating on one class in particular that the President claims to be a champion for … the poor.

The Daily Caller reports:

The penalty imposed by the Affordable Care Act on citizens who elect not to purchase health insurance will be at least $1,000 for most people, and more than $12,000 for high-income earners, according to an analysis by the nonpartisan Tax Foundation.

“We can see that this is a big tax, particularly on the poor,” writes the Tax Foundation’s William McBride. “Higher income families generally pay a higher amount, but actually a smaller percent of their income, making this a regressive tax.”

For example, the penalty for a family of four earning $20,000 will be $2,085, more than 10 percent of its income, according to the Tax Foundation — whereas a family of four making $100,000 will only have two percent of its income taken away by the government.

A regressive tax for a regressive regime.  Why the War on the Poor, Mr. President?

The report then goes on to say that implementation of the individual mandate would have a negative impact on the economy, with people trying to shield their income from the new tax by “working less”.

An unemployment rate at 8.2%, an underemployment rate at nearly 15%, and the implementation of the President’s healthcare plan is going to cause people to ‘work less’ to avoid paying more.

Aren’t people already working less because of the President’s economic policies?

Obama.  Isn’t.  Working.

Permalink Leave a Comment

Video: Obamacare or Obamatax?

June 28, 2012 at 5:31 pm (Barack Obama, Conservative, Democrat, Healthcare, Insurance, John Roberts, Liberal, Mandate, Mitt Romney, Obama, Obamacare, Obamatax, Politics, Republican, Romney, SCOTUS, Supreme Court, Tax, Taxation, Taxes)

Obama, September 2009

“I absolutely reject” the notion that the individual mandate is a tax.

“… for us to say that you’ve got to take a responsibility to get health insurance is absolutely not a tax increase.”

“That’s not a tax increase…”

“… you can’t just make up that language and decide that that’s called a tax increase.”

And now, the latest from Mister Smith Media

Permalink Leave a Comment

Breaking: Roberts Sides With Libs, Upholds Obamacare as a Massive Tax

June 28, 2012 at 11:46 am (2012 Election, Commerce Clause, Economy, Healthcare, John Roberts, Middle Class, Mitt Romneycare, Obamacare, Supreme Court, Tax, Tea Party, War on the Middle Class)

Though there are people far more qualified to debate the Supreme Court ruling on Obamacare, we’d be remiss in not mentioning it all.

Via Doug Powers:

Yikes. Obamacare upheld almost in its entirety:

“The mandate is constitutional. Chief Justice Roberts joins the left of the Court.”

“The Medicaid provision is limited but not invalidated.”

“The bottom line: the entire ACA is upheld, with the exception that the federal government’s power to terminate states’ Medicaid funds is narrowly read.”

The mandate survives “as a tax.” That should help the middle class dig out of the recession.

Here’s the thing – this is a defeat for conservatives in many ways.  That said, any chance Obama had of seeing voters sit on the sideline because they can’t get behind Romney is gone.

It also gives Republicans running in 2012 a new talking point – not only is this a massive expansion of government power, but it is being implemented via a massive tax.

Doubt that this will be a rallying cry?  Team Romneycare has already raised $200k since the decision mere minutes ago.

In the meantime, here’s a friendly reminder that the President himself insisted that the individual mandate is not a tax.

Transcript via ABC News:

STEPHANOPOULOS: …during the campaign. Under this mandate, the government is forcing people to spend money, fining you if you don’t. How is that not a tax?

OBAMA: Well, hold on a second, George. Here — here’s what’s happening. You and I are both paying $900, on average — our families — in higher premiums because of uncompensated care. Now what I’ve said is that if you can’t afford health insurance, you certainly shouldn’t be punished for that. That’s just piling on. If, on the other hand, we’re giving tax credits, we’ve set up an exchange, you are now part of a big pool, we’ve driven down the costs, we’ve done everything we can and you actually can afford health insurance, but you’ve just decided, you know what, I want to take my chances. And then you get hit by a bus and you and I have to pay for the emergency room care, that’s…

STEPHANOPOULOS: That may be, but it’s still a tax increase.

OBAMA: No. That’s not true, George. The — for us to say that you’ve got to take a responsibility to get health insurance is absolutely not a tax increase. What it’s saying is, is that we’re not going to have other people carrying your burdens for you anymore than the fact that right now everybody in America, just about, has to get auto insurance. Nobody considers that a tax increase. People say to themselves, that is a fair way to make sure that if you hit my car, that I’m not covering all the costs.

STEPHANOPOULOS: But it may be fair, it may be good public policy…

OBAMA: No, but — but, George, you — you can’t just make up that language and decide that that’s called a tax increase. Any…

STEPHANOPOULOS: Here’s the…

OBAMA: What — what — if I — if I say that right now your premiums are going to be going up by 5 or 8 or 10 percent next year and you say well, that’s not a tax increase; but, on the other hand, if I say that I don’t want to have to pay for you not carrying coverage even after I give you tax credits that make it affordable, then…

STEPHANOPOULOS: I — I don’t think I’m making it up. Merriam Webster’s Dictionary: Tax — “a charge, usually of money, imposed by authority on persons or property for public purposes.”

OBAMA: George, the fact that you looked up Merriam’s Dictionary, the definition of tax increase, indicates to me that you’re stretching a little bit right now. Otherwise, you wouldn’t have gone to the dictionary to check on the definition. I mean what…

STEPHANOPOULOS: Well, no, but…

OBAMA: …what you’re saying is…

STEPHANOPOULOS: I wanted to check for myself. But your critics say it is a tax increase.

OBAMA: My critics say everything is a tax increase. My critics say that I’m taking over every sector of the economy. You know that. Look, we can have a legitimate debate about whether or not we’re going to have an individual mandate or not, but…

STEPHANOPOULOS: But you reject that it’s a tax increase?

OBAMA: I absolutely reject that notion.

Well Mr. President, you now have no choice but to accept that notion.  You’ve just implemented one of the biggest tax burdens in American history.  Own it.

Meanwhile, expect the Tea Party to be back in business in the coming months.

We’ll see you in November.

Permalink Leave a Comment

Video: New York Senator to Occupy Albany – ‘Getting a Job Would Be a Good Idea’

February 7, 2012 at 1:03 am (Albany, Budget, Jobs, John DeFrancisco, Kathleen Farrell, New York, Occupy Albany, Tax, Taxpayer, WNYT)

Why would you assume that people with the ability to constantly interrupt government workers mid-day, and with the ability to camp out in a park for months at a time, wouldn’t have jobs?

Occupy Albany got their much needed dose of media attention (video below) this morning when they interrupted budget talks in the capital.  The attention-whoring featured the usual slapstick, including mic checks and the repetition of short phrases (because saying it twice makes it seem more intelligent), but the interview after the incident was where the real entertainment came through.

When asked about the interruption and the tactics used by Occupy Albany, Senator John DeFrancisco, Chair of the Senate Finance Committee, who hosted the joint legislative hearing, says their message was lost on him.


Via WNYT:

Reporter: “Did it get your attention?”

“It got my attention so far as it disrupted the proceeding but as far as changing my point of view, no,” said DeFrancisco.

Senator DeFrancisco said he thinks New York’s tax code is progressive, with reforms voted in late last year that tax the highest earners, saying Occupiers have a misplaced agenda.

Reporter: “What should they have done instead of disrupting his meeting?”

“Well, probably get a job would be a good idea and then become one of taxpayers so we won’t have to rely on fewer and fewer people to pay taxes. 

Pure gold…

Also on an interesting note, the news segment included this quote from Kathleen Farrell:

“I’m gonna interrupt a meeting I’m gonnna interrupt a budget council I’m gonna interrupt a party and I’m gonna keep it up until there’s some fairness going on here.”

Farrell is described as a freelance writer in the Legislative Gazette, and has been identified as the author of the book, Liberty for the Lion Shield.  The publisher of that book was Xulon Press, a company that was purchased in 2006 by Salem Communications.  Salem is the fifth largest radio station owner in the United States, and reported earnings of $207 million in 2010.

Glad she’s vehemently opposed to corporate wealth.

Watch the video…

Permalink Leave a Comment

Obama – People Only Get Rich Because of the Federal Government

January 27, 2012 at 2:39 pm (Big Government, Elizabeth Warren, President Obama, Rich, Tax)

This has to be the dumbest thing I’ve heard the President say…  today.

And it sounds vagualy familiar too.

From Real Clear Politics:

President Obama tells a college audience that people don’t get rich on their own. Obama’s point that without government and paying your fair share, ultimately the successful wouldn’t be able to get where they are.

“We do not begrudge wealth in this country. I want everybody here to do well. We aspire to financial success, but we also understand that we’re not successful just by ourselves,” President Obama said at a campaign event in Ann Arbor, Michigan on Friday morning.

“We’re successful because somebody started the University of Michigan. We’re successful because somebody made an investment in all the federal research labs that created the internet. We’re successful because we have an outstanding military that costs money. We’re successful because somebody built roads and bridges. And laid broadband lines and these things didn’t just happen on their own. And if we all understand that we’ve got to pay for this stuff, it makes sense for those of us who’ve done best to do our fair share and to try to pass off that bill on to somebody else, that’s not right. That’s not who we are,” he said.

Watch the latest video at <a href=”http://video.foxnews.com”>video.foxnews.com</a>

Now where have we heard this idea that nobody can be successful without government?  Oh, that’s right, former Obama financial adviser, Elizabeth Warren:

“I hear all this, you know, ‘Well, this is class warfare, this is whatever. No. There is nobody in this country who got rich on his own — nobody.

Former White House financial reform adviser Elizabeth Warren, who is now seeking to challenge Republican Senator Scott Brown in Massachusetts, is definitely not shy in voicing her views on class warfare — or, according to Warren, the lack thereof.

Warren, who is perhaps best known for helping to launch the Consumer Financial Protection Bureau, stated boldly that there is no such thing as class warfare and that there is “nobody in this country who got rich on his own.”

Big government birds of a feather…

Permalink Leave a Comment