working right now<\/a>.\u201d\u00a0<\/p>\nShe\u2019s got her head in the sand.\u00a0<\/p>\n
Over the last decade, New York has suffered more population loss than every state but California \u2014 and job losses, too.<\/p>\n
Why? High taxes. \u00a0<\/p>\n
Millions of Americans fled the 10 states with the highest tax burdens in that time, while millions relocated\u00a0to the 10 lowest-tax states.<\/p>\n
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New York ranks 50 out of 50, dead last in economic performance.<\/p>\n
That\u2019s not an act of nature, but the result of decisions by Hochul and other tax-addicted politicians.<\/p>\n
New York doesn\u2019t have to continue its decline.\u00a0There\u2019s a path out of this mess.<\/p>\n
Since 2021, 27 states have adopted major tax cuts to increase their competitiveness and business appeal.\u00a0<\/p>\n
Hochul should look around and see how other states are out-competing what was once the Empire State.<\/p>\n
When people flee high-tax states, they take their money \u2014 and the state\u2019s tax base \u2014 with them.<\/p>\n
But cutting tax rates often yields a gradual increase in revenue, as taxpaying companies and workers move in.\u00a0<\/p>\n
Mississippi\u2019s ongoing income-tax phase-out is designed to take advantage of this well-documented economic phenomenon: It schedules another rate cut to kick in each time revenue increases by 5%.\u00a0<\/p>\n
South Carolina will soon vote on an income-tax elimination bill that does the same.<\/p>\n
That\u2019s the path forward for New York and other tax-hell states.<\/p>\n
Gov. Kim Reynolds of Iowa has shown how it can be done.\u00a0<\/p>\n
When she took office in 2018, Iowa had one of the highest corporate tax rates in the nation at 12%; Reynolds reduced it in stages to 5.5%.\u00a0<\/p>\n
She\u2019s also brought personal income tax rates down gradually, from nearly 9% to a flat 3.8% this year.<\/p>\n
Reynolds has also made Iowa the poster state for deregulation, with a rule that any regulation must be justified to the governor\u2019s satisfaction \u2014 or it automatically sunsets after five years.<\/p>\n
All of it has helped Iowa jump to No. 14 in\u00a0the Chief Executive magazine ranking of the best states for business. \u00a0\u00a0<\/p>\n
No state is doomed to economic failure:\u00a0A staggering 54% of corporate CEOs say they are \u201copen to examining new locations\u201d based on taxes, energy costs, regulation and workforce availability.\u00a0<\/p>\n
\u201cThe competition to win over these CEOs has reached unprecedented levels,\u201d reports\u00a0Chief Executive.\u00a0\u00a0\u00a0\u00a0<\/p>\n
But New York is all but out of the running, ranking 49th \u00a0for business friendliness \u2014 keeping company with deep-blue states like Illinois, \u00a0New Jersey and California.<\/p>\n
In her State of the State address last week, Hochul boasted about \u201cbuilding an economy that works for all.\u201d\u00a0<\/p>\n
Untrue.\u00a0<\/p>\n
The figures don\u2019t lie: New York is lagging way behind the rest of the nation.<\/p>\n
\u201cIf you\u2019re betting on the future,\u00a0you need to bet on New York,\u201d she said.\u00a0<\/p>\n
Cut taxes, governor, and we\u2019ll take that bet.\u00a0<\/p>\n
Betsy McCaughey is a former lieutenant governor of New York.<\/p>\n","protected":false},"excerpt":{"rendered":"Across the nation, states are fiercely competing for companies and population by slashing taxes. Gov. Kathy Hochul is…\n","protected":false},"author":2,"featured_media":106571,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[15660,5351,426,16880,9,24,55,54,56,299,1065,2780],"class_list":{"0":"post-106570","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-new-york-city","8":"tag-corporate-taxes","9":"tag-iowa","10":"tag-kathy-hochul","11":"tag-mississippi","12":"tag-new-york","13":"tag-new-york-city","14":"tag-new-york-city-headlines","15":"tag-new-york-city-news","16":"tag-ny","17":"tag-opinion","18":"tag-south-carolina","19":"tag-taxes"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/106570","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=106570"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/106570\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/106571"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=106570"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=106570"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=106570"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}