We're Number One!, We're Number One!

[workpublic]

worst business tax climate in the country.

ca, nj, ct next in line. wow. the tri state are is the worst.
www.hvpress.net/news/119/ARTICLE/9951/2011-02-03.html
www.taxfoundation.org/research/show/22658.html

www.taxfoundation.org/files/bp60.pdf

[Deleted]

But it is probably the richest part of the country. Go figure.

[AgeOfEnlightenmentSCP]

Man, it takes a serious effort to beat Illinois.

[ugonow]

This is the same argument the same people used when holding up Ireland for a model of fiscal policy......

[Savoir Faire-Demogague in NJ]

But it is probably the richest part of the country. Go figure.

As a CPA, you realize the very wealthy have numerous techniques available to reduce or eliminate taxes. The high tax region of the NYC Metro area will negatively affect the middle class more than the wealthy.

[handyman2]

Congrates on being the tax champion. I figured it would have been CA.

[deziloooooo]

It's always been known as a expensive place to live, the city, but it is a large State, there is so much more to it then NYC, and that the cost to live in the outlaying areas, the cities and Townes..with rates like this, and with housing being so depressed as it is all over the country, they do have major problems.

The city has gone through problems but seems to have recoverd nicely, current Mayor, Bloomberg, seems to be well liked by the majority, can't please everyone, he sure doen't need the agrevation, nice that he took the job on, and yet people re did the term limits, I know , not all happy, and reelectd him again, shows term limits are not for everywhere, but it is still NYC and to move out of the area for companies, while many do, others seem to move in in place of, it is NYC....while not my place to live, there is nothing like it , restaurants, have you ever seen how big a pasrami or corned beef sanwich is in one of the deli's...China Town, theateres, museums, the architecture, Rockefeller Center in the winter at Christmas time, Radio City Music Hall, Greenich Village, Broadway....

[AgeOfEnlightenmentSCP]

That report was prepared in October 2010-- Illinois legislature just passed a massive tax increase. IL moved UP from 30 to 23 in that list due to "gridlocking"...well, IL ain't got gridlock no more. It's got Democrats as far as the eye can see, and with so many common sense, reasonably intelligent, college educated producers moving OUT, that isn't likely to change any time soon.

Be interesting to see how far we fall after this tax hike is figured in. I realize they have to go with what "is", but I frankly think IL should have had two scores-- one with a tax hike baked into it, and the real score.

[b2r]

Tax breaks on real estate deals for people like A-Rod cost city 900M a year

Yankees star Alex Rodriguez will pay virtually no property tax for a $6 million apartment he is buying on the upper West Side.

Rodriguez will be billed around $1,200 this year in real estate tax for his 3,000-square-foot, five-bedroom penthouse with spectacular views of the Hudson River.

Over the next 10 years Rodriguez and his fellow residents will continue to receive huge discounts on their tax, a city housing official said.

For Rodriguez, a full tax bill would be at least $60,000 annually, the latest city assessment records show

www.google.com/url?sa=t&source=web&cd=1&sqi=2&ved=0CBwQqQIwAA&url=http%3A%2F%2Fwww.nydailynews.com%2Fny_local%2F2011%2F02%2F25%2F2011-02-25_tax_breaks_on_real_estate_deals_for_people_like_arod_cost_city_900m_a_year.html&ei=InduTbOpOpOasAP-vtS2Cw&usg=AFQjCNF7vRqT5q505Cz2pbg0InWDQuV0Zw

[AgeOfEnlightenmentSCP]

Mar 2, 2011 11:47:58 GMT -5 Savoir Faire-Demogague in NJ said:

But it is probably the richest part of the country. Go figure.

As a CPA, you realize the very wealthy have numerous techniques available to reduce or eliminate taxes. The high tax region of the NYC Metro area will negatively affect the middle class more than the wealthy.

Yeah, and one of the tools at their disposal is moving out-- and that's exactly what's happening. $100 billion has disappeared from NY in the last 10 years.

And with stupid rulings like this one--

online.wsj.com/article/SB10001424052748703745704576136671394373928.html?mod=googlenews_wsj

Connecticut and New Jersey residents with a Hamptons summer cottage or a Manhattan pied-a-terre are about to get a nasty surprise: New York state wants more taxes from them.

A New York court ruled last month that all income earned by a New Canaan, Conn., couple is subject to New York state taxes because they own a summer home on Long Island they used only a few times a year. They have been hit with an additional tax bill of $1.06 million.

Tax experts and real estate brokers say this ruling could boost the tax bill for thousands of business executives who own New York City apartments they use only occasionally. It could also hurt sales in the Hamptons and New York's other vacation-home communities.

-- not only will the exodus continue, but the wealthy will think twice before spending ANY time in NY whatsoever.

[workpublic]

Tax breaks on real estate deals for people like A-Rod cost city 900M a year

every millioinaire and the coupla billionares that live in my town, live on "farms".

[ugonow]

every millioinaire and the coupla billionares that live in my town, live on "farms".

I used to visit an area of Kentucky like that. And they got paid a lot of taxmoney to not grow tobacco. Some of them were politicians.........

[ugonow]

and with so many common sense, reasonably intelligent, college educated producers moving OUT, that isn't likely to change any time soon.

Be interesting to see how far we fall after this tax hike is figured in. I realize they have to go with what "is", but I frankly think IL should have had two scores-- one with a tax hike baked into it, and the real score.

But, Il. pays more into than it recieves in fed funds though,unlike many other states...go figure.

[workpublic]

ugo,

it's horses in north salem. they send each other invoices but the animals rarely change hands. oh yea and they are the pioneers of using illegals.
and the local police will direct traffic for them when they throw parties.


funny how all the young wall st thieves and foreign ceos all just really wanted to be farmers. ;D

our "former" town supervisor was paul greenwood.

[workpublic]

NY's problem is that we have non producing thieves at the bottom right up to the top. and a great number of them. like Sav says it's the middleclass that gets screwed. in NY the middleclass supports itself, the poor and the rich.

[fairlycrazy23]

There are many reasons beyond the tax code for someone or some company to decide where to locate.

[workpublic]

the tax code(s) affect affordability, especially in NY, NJ, CT. so i could them as as a main reason for such a decision

www.drummajorinstitute.org/library/article.php?ID=7061

washingtonexaminer.com/opinion/columnists/2011/01/behind-numbers-workers-vote-their-feet-union-membership-rate-drops

www.nypost.com/p/news/opinion/editorials/the_gasping_golden_goose_NS2TxUrVcGFiWfPITGroJM

NYSUT demands that Cuomo squeeze

out a few billion more with a tax targeting "millionaires."

But by "millionaires" the unions mean high earners -- individuals earning more than $200,000 and families pulling in $250,000 together.

Now, that's not nothing.

But it's not millionaire territory, either -- and it's aimed at people who are already doing more than their fair share in a tax environment in which a third of all New Yorker residents pay no income tax at all.

People, it's quite clear, who are already being taxed enough.

But what of those Wall Street fat cats?

Wall Street bonuses actually shrank 9 percent last year and are down about one-third since the boom years of 2006 and 2007.

The drop-off ends up hurting the state and city even more: Bonuses get taxed, so when they shrink, the state/city take shrinks, too.

[b]The Tax Foundation numbers cited above make it indisputably clear that New York's fiscal woes are a function of excessive spending -- not insufficient taxation.
[/b]

between 1,7 and 2 million people left NY state in the last decade.


having problems with inserting links, sorry.

[fairlycrazy23]

I do agree that taxation is probably a major factor, and I also suspect that NY has quite a bit of red tape involved in setting up and running businesses. But there will probably always be people and businesses who will still find a reason to stay in an area.

[workpublic]

ironically the govs dad was the one who accelerated NY into this mess during the 80s.