” New York’s the pits — especially when it comes to economic development, according to a new study.
The Empire State ranked dead last when it comes to its economic outlook based on Albany’s tax policy.
The report, authored by economists Arthur Laffer, Jonathan Williams and Stephen Moore, gives New York state, along with New Jersey (45) and California (46), low marks because of excessive tax and spending policies that hurt businesses and individuals.
“We hate to keep picking on California, New Jersey and New York, but they continue to be models of how not to govern a state,” the report warned. “These three states,” the report continued, “impose tax rates at or near the highest in the nation and about twice the national average.”
New York placed 50th for its high personal and corporate tax rates, 12.62 percent and 15.99 percent, respectively.
Which states did the report say had the best economic climate? The top five were Utah, South Dakota, Virginia, Wyoming and Idaho.”