New York trails every state in the nation in its economic outlook, according to a new report from the American Legislative Exchange Council.
For the fifth time in just six years, the state ranks last overall in ALEC’s annual Rich States, Poor States report, which measures both backward and forward looking economic data. The report ranked the state No. 34 on Economic Performance and last on it’s economic outlook. From 2004 to 2013, the state has experienced net negative domestic migration, with approximately 1.5 million people leaving the state.
In individual economic variables, the state ranked last for its top marginal corporate income tax rate (17.16 percent), inheritance tax and not being a right to work state. It was the penultimate state for its top marginal personal income tax rate (12.70 percent.)
“Until there is a concerted effort to broadly address fiscal and economic issues, New York is going to continue to languish at the bottom,” NFIB State Director Mike Durant told the New York Daily News.
