Politics

New York State Driving Away Businesses and Wealth Producers

In New York the government has an economic death wish.

Image Credit: Youtube Screenshot

With a corrupt government and urban nightmares, you’d think New York state would at least try to keep their economic house in order. Wrong.

FBC: “Top New York firms that toughed it out through the pandemic are now considering packing their bags over $7 billion in proposed new state taxes. ‘At least 20 finance and tech companies are already poised to leave for sunny, low-tax Florida’, said Kathyrn Wylde, CEO of the business-backed Partnership for New York City. ‘New York State will be the most-taxed state in the country,’ Wylde lamented. ‘Technology is our most important job creator in New York right now, and they’re already making decisions about not staying in New York,’ she said. Albany pols seem intent to “punish the rich,” Wylde said. ‘We can’t take for granted that the millionaires and billionaires will return to New York.’ ”

‘The Legislature’s proposals will move us in the opposite direction by driving away the businesses and tax base,’ said powerful Real Estate Board of New York President James Whelan. Big names on Wall Street have already threatened to pack their bags if Albany enacts a stock-transfer tax, which is proposed in an active bill. The state would claim a percentage of the proceeds from every purchase or sale of stock, or other security, under the measure.”

“While New York has remained a center of gravity for the financial industry, many employees of ‘Wall Street’ firms are migrating to Florida, Texas and other states with hospitable tax policies,” Stacey Cunningham, the president of the New York Stock Exchange, wrote in a Wall Street Journal op-ed.

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“The New York Stock Exchange belongs in New York. If Albany lawmakers get their way, however, the center of the global financial industry may need to find a new home,” she warned.

The CEO of Manhattan-based Virtu Financial, Douglas Cifu, called a stock-transfer tax “foolish…We have an office in Florida, and we would just leave the state of New York,” he said during a February earnings call. “We would never pay any of the New York state [stock-transfer] tax.”

Cifu added that the Texas legislature is considering a ban on “any type of transaction tax,” making southern conservative locales that much more economically attractive.

A Goldman Sachs spox told The NY Post Friday: “We are executing on the strategy of locating more jobs in high-value locations throughout the US, but we have no specific plans to announce at this time.”

State Sen. Alexis Weik, a Long Island Republican, said, “Rather than focus on keeping New Yorkers in New York, these irresponsible tax and spend policies will continue to drive our residents out of the state.” But Cuomo and Democrats in New York won’t listen. As such, they’re about to learn the wisdom of the Margaret Thatcher remark that, “Eventually you run out of other people’s money.”

David Kamioner
meet the author

David Kamioner is a veteran of U.S. Army Intelligence and an honors graduate of the University of Maryland's European Division. He also served with the Pershing Nuclear Brigade and the First Infantry Division. Subsequent to that he worked for two decades as a political consultant, was part of the American Red Cross Hurricane Katrina disaster relief effort in Louisiana, ran a homeless shelter for veterans in Philadelphia, and taught as a college instructor. He serves as a Contributing Editor for LifeZette.

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