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Unemployment in New York is trending downward, but we can do better: our current unemployment rate of 8.3% is still above the national rate of 7.7%. And despite being the third most-highly populated state in the country, New York has experienced anemic population growth of only 2.1% between 2000 and 2010, compared to the national average of 9.7%. Of the 50 states, New York ranks 24th in health and wellness, 26th in state debt, 13th in educational achievement and dead last in tax climate. Our poverty rate is also above the national average. Businesses and citizens alike are fleeing our borders for states with less punishing tax regimes and more business-friendly climates.
THE SOLUTIONS
Lower tax rates to promote economic growth
Gov. Cuomo has acknowledged that New York has no future as the tax capital of the nation. We must strategically cut taxes, especially with a view to encouraging small business job creators. A reduction of the business tax rate and the elimination of the corporate tax on manufacturing companies will stimulate job growth. New Yorks comparatively onerous estate tax incentivizes our seniors to spend their golden years elsewhere.
investments is subject to a punitive tax regime one that eliminates deductions and applies the highest rate to the entire, and not just marginal, income. That the worlds financial capital chases away some of our most productive citizens who are eager to invest, build and leave an economic legacy is counterproductive. Large businesses have the luxury of relocating to other states, but New Yorks small business owners are stuck with less take-home pay. A phased reduction of the tax rate on capital gains will let the owners of businesses both small and large know that New York is once again open for business.
2013 can be the year that New York State says to the world, we are open for business. The Republican Party is ready to help make it happen!