Is New York the Least Free State in the Nation?

Date: August 30, 2016 Last Edit: August 31, 2016

Study: Local and state tax burdens are suffocating New Yorkers.

Is New York the Least Free State in the Nation?

New York, with its heaping local and state tax burdens, is the
“least free state” in the nation, according to a new study.

 “New York is again the least free state in the country,”
according to an analysis from the Cato Institute. “Its huge, glaring weakness is
fiscal policy. If New York were to adopt a fiscal regime closer to that of
California, New Jersey, or Connecticut, its overall economic freedom score
would be close to theirs. As it is, New York looks set to remain the least free
state for many years to come.”

The state has been mired in its ranking since 2012. The report
cites the state’s local tax burden, which at 7.8 percent of income is double
that of the average state, as a major problem. Likewise, the state tax burden,
at 6.7 percent, is higher than the average.

New York’s regulatory climate is also a contributing factor.

 Among policy recommendations for improving the state’s freedom,
the Cato Institute suggested one thing that NFIB members can get behind: “cut
all taxes, and pay down debt.” 

Related Content: Small Business News | Economy | New York

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