New York is known for many things, but, unfortunately, we’re not known for being a business-friendly state. In fact, New York was ranked dead last in economic outlook in this year’s “Rich States, Poor States” report from the American Legislative Exchange Council (ALEC). The report, crafted by a number of economists including the well-known Arthur Laffer, looked at many aspects that impact the business climate of a state. This is the sixth time in the last eight years New York was ranked last, for the other two years it was second-to-last.

The conclusion – New York State government has a lot of work to do. We have among the highest taxes in the nation – this includes personal income taxes, job-killing taxes like the corporate franchise tax, and property taxes. It’s not just ALEC making this claim, the Tax Foundation also ranked New York the 49th worst state in terms of tax burden. I am sure many of us agree with this.

The problem with excessive taxation is that there is often little left for private individuals to invest in opening their own small businesses, for smaller manufacturers to invest in research and development of new products or technology, or for already-existing businesses to expand and create new jobs. Arguably, these high taxes are slowing our economic and job growth.

Additionally, New York’s government regulations are so onerous that they also act as a stumbling block for economic growth. Government red tape is so pervasive that there are over 49,000 pages of regulations written into law. Of course, there are also the many regulations created at the state agency level. So many small-business owners within my district have expressed frustration over regulations and mandates on the operation of their businesses that something must be done.

The stifling pressure of high taxes and overregulation has made a negative impact on our state. People have been leaving New York for better and more prosperous opportunities in other states, taking their investments and ingenuity with them.

In the fight for economic freedom, I support several pieces of legislation that seek to lift these burdens and hindrances to growth. For the remainder of session, I will encourage my legislative colleagues to pass these bills to provide the relief all New Yorkers need in order to grow our economy and allow new jobs to flourish. We must make these changes so we all have a better and more prosperous future.

I welcome your input on this or any other legislative topic. Please share your ideas with me by emailing me at blankenbushk@assembly.state.ny.us or by calling 493-3909.