In a report issued earlier this month, is part of the second edition of "Rich States, Poor States." Personal income taxes, sales taxes, average workers' compensation costs, and the state minimum wage are among the data included.
The report's authors call New York a "tax purgatory," where businesses die instead of flourish due to costly legislative policies.
"The top performing states keep taxes, spending and regulatory burdens low,
while the biggest losers in the book tend to share similar policies of high tax rates, unsustainable spending and regulation," co-author Jonathan Williams said. "State governments that believe they can bring about economic recovery by growing government and increasing taxes are sadly mistaken."
That New York would rank low isn't a surprise to George Conboy, president of Brighton Securities. To get an understanding of how people view New York's prospects for economic growth, just ask the parents of college-aged children, who are leaving the state in droves to find jobs elsewhere, Conboy said.
"A lot of that can be laid at the feet of restrictive work rules and high taxes that discourage job formation," he said.
IN A RELATED STORY
June 3 (Bloomberg) -- Microsoft Corp. Chief Executive Officer Steven Ballmer said the world’s largest software company would move some employees offshore if Congress enacts President Barack Obama’s plans to impose higher taxes on U.S. companies’ foreign profits.
“It makes U.S. jobs more expensive,” Ballmer said in an interview. “We’re better off taking lots of people and moving them out of the U.S. as opposed to keeping them inside the U.S.”
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Thompson of Symantec, the Cupertino, California-based maker of Norton anti-virus software and similar tools, said software companies are frustrated by being called tax cheats and compared with companies that moved their headquarters to low-tax countries such as Bermuda.
‘Counterintuitive’
Thompson called the Obama proposals “counterintuitive” to the administration’s other stated goals of fostering an innovation-oriented economy.
“It is a little bit ironic that most of our most significant trading partners and partners globally have taken the tack that they’ll reduce corporate tax rates to stimulate economic growth and not raise corporate tax rates,” Thompson said.
Obama has said his proposals would protect or create jobs in the United States. AND HE"S AN EXPERT
I like that word
UNSUSTAINABLE
I think Bernanke used it yesterday to describe federal spending on "current" social programs and the CBO used it referring to Obamas budget and spending proposals....isn't that the fatal flaw of socialism?...eventually you run out of other peoples money....
I guess it's a good thing that we have all of these shovel ready green jobs to save our asses...