Lower taxes across the board would benefit everyone, and not just a select few.
To the Editor:
It is no secret that New York’s residents and businesses are overtaxed. For years, businesses and residents have been leaving New York for tax-friendly states. The fiscal problems the state of New York faces are no different than other states across the country, yet New York continues to overspend and goes so far as to ask local municipalities to shoulder much of the financial burden from those decisions.
Local representatives at the state and federal level are desperately trying to change the business climate in New York by offering tax credits and incentive packages for relocating businesses to New York, creating jobs, and improving the skill level of employees. As an advocate for the free market approach to business, I applaud the intent underpinning these programs (the encouragement of business activity in New York), but am apprehensive about the precedent and disparate treatment the tax credits and incentives are creating.
Providing incentives for businesses to relocate or expand in New York is necessary for job growth, for improving our quality of life, and for expanding the tax base. However, I am concerned that the approach continually chosen by state and federal leaders is to create tax incentives, credits and programs that result in government essentially picking winners and losers by allowing some businesses to receive tax incentives and benefits, while denying such benefits to others.
If property taxes, income taxes, payroll taxes, unemployment insurance taxes, franchise taxes, corporation taxes and myriad other taxes that are imposed upon the businesses and residents of New York were all lower – across the board – there would be no need for tax breaks for “new” companies or companies specializing in certain types of products, and all companies, new and existing, would reap the same benefit.
Unfortunately, the existing tax incentive proposals do nothing to reward existing businesses that fail to meet the arbitrary parameters set by these government programs, and by extension, existing companies end up subsidizing their competitors and suffering a competitive disadvantage. While certain new and expanded businesses (and their employees), will benefit from not having to pay income taxes, corporate taxes, property taxes, sales taxes, or franchise taxes and fees – the other businesses around them and the tax-paying residents of this state, will be paying hundreds of thousands, if not millions, of dollars in extra taxes in order to offset these forgiven taxes.
I fear that these tax incentives are misdirected and truly feel that all businesses should benefit from and be proud to do business in New York. Lower taxes across the board would benefit everyone, and not just a select few, and would naturally lead to New York being a viable place to locate or expand a business. With a reduction in taxes to everyone, businesses would have more disposable income to invest in their infrastructure and in enriching their employees’ skill set. That would eliminate the need for a business tax credit, for example, to train employees or address any “skills gap”, while still achieving the same goal.
Business growth and job creation continue to be the primary concern for our community. I am not certain, however, that 10-year tax breaks for new businesses and their employees or tax reductions for only a select few businesses are the best solution. In the end, lower taxes across the board benefit all businesses equally and attract new and better business. I want to see all of the businesses in Central New York grow and prosper — lower taxes for all can achieve that goal.
Onondaga County Legislator, District 14
The 14th District includes the eastern portion of the town of Clay and the village of North Syracuse.
Have something to say? We encourage and welcome your participation in the discussion of issues affecting Central New York. Send us a letter at email@example.com or follow the conversation on Twitter at @CNYOpinion. . Please be succinct; letters of 250 words or fewer will get preference for print publication in The Post-Standard.
This entry passed through the Full-Text RSS service — if this is your content and you’re reading it on someone else’s site, please read the FAQ at fivefilters.org/content-only/faq.php#publishers.
Powered by WPeMatico