Wealthy States Shouldn’t Scream Poverty
Every time a New York politician complains about our state taxpayers paying more in taxes then they receive back in federal funds, they should get a slap across the face. Of course New York State will be paying a lot more in taxes into the federal coffers then we get back. Our state produces a lot more in Gross State Product per capita then any other state, we have the nation’s biggest city in our borders and we are home to Wall Street. New York State is a very wealthy state.
In recent decades our state’s population has stagnated in growth compared to other states. We are an old rust belt state, and people often move out to get new opportunities in states were the climate is warmer and nicer, where the state isn’t burdened by legacy costs caused by pollution, poverty and remains of heavy industry. Our state isn’t the most populated state in nation, we have slipped to fourth, which is why we don’t have the greatest Gross State Product total in the nation, but we still have an incredible amount of wealth with the largest Gross State Product per capita of any state.
Rather then complain about how the federal government is treating New York State is treated unfairly, our state should be asking the wealthy to pay their fair share. There is a lot of wealth on Wall Street that could be taxed but our state chooses to ignore. There are multi-million dollar investment properties that the state taxes lightly, despite being vacant and often owned by foreign nationals that are just parking money there to make a profit. It’s a myth that the wealthy will move out of New York State or sell their assets just because they are asked to pay their fair share of taxes. People don’t chose to live in New York State for the low taxes or low cost of living. They come here for the good jobs associated with the metropolitan area and the quality of life with all the diverse culture only available in New York City.
Indeed, federal tax reform is a great opportunity for our state to capture some of the new found wealth that will be produced by lower federal corporate tax rates. Our state could implement new business taxes on megacorporations or better yet, the super-wealthy. Multi-millionaires can certainly afford to pay a little more to ensure inner city children get a quality education and that children in the Appalachian counties of New York get healthy food and their teeth cleaned. With so many people struggling in our state, we need to ask the rich to pay more, so we can give people on the bottom a leg up.
