New York’s High Taxes and Regulations Killing the State
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The resounding reluctance of New York to drill for natural gas, alongside painfully high taxes could be killing the state’s economy. Three years since Governor Cuomo took over the office and pledged to make New York “open for business” the state continues to have the worst business tax climate in the US. This year alone, New York tied with New Jersey as the worst two states in the annual Tax Foundation Report. This is the second year in a row that New York has been left holding the bottom ring.
The resounding reluctance of New York to drill for natural gas, alongside painfully high taxes could be killing the state’s economy. Three years since Governor Cuomo took over the office and pledged to make New York “open for business” the state continues to have the worst business tax climate in the US. This year alone, New York tied with New Jersey as the worst two states in the annual Tax Foundation Report. This is the second year in a row that New York has been left holding the bottom ring.
Cuomo, what do you have to say about that? Wow, you are even worse than socialist California, which has all but collapsed.
One of the biggest hindrances that experts believe are impacting on New York’s score is the progressive individual income tax. Over the last decade, approximately 3.4 million residents have abandoned New York State, which represents a loss of around $45.6 billion in potential income. Furthermore, property taxes have ensured that the business climate within the State remains unwelcoming. However, high taxes aren’t the only thing that is killing New York’s potential.
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New York and the Fracking Industry
The first state to jump on the benefits of the fracking industry was Texas, quickly followed by North Dakota and Pennsylvania. However, today many people are suggesting that New York should become the next US hotspot for oil shale. The prospect is particularly tantalizing for some people, since New York currently sits atop two prolific shale formations known as the Utica and the Marcellus.
According to data from the US Geological Survey, both formations have the potential to offer 100 trillion cubic feet in natural gas reserves. If they choose to overcome their reluctance, the leaders of New York could access a boost of domestic production – one that could create thousands of jobs related to natural gas on a nationwide scale. However, up to this point, New York officials have turned a blind eye to the advantages of accessing these natural resources.
Looking into the Evidence
For evidence of the benefits that could be utilized, a great model is Pennsylvania, a Northeastern state in which the bureau of labor department statistics have shown that fracking has led to a surge in gas and oil jobs of over 40% during the last six years. New York is fortunate enough to have the means beneath its feet for an economic resurgence, but they do not have the desire to take hold of it, as a recent poll has shown that residents are opposed to drilling in the state.
Too bad those same residents continue to vote Democratic since the Democrats are owned by the environmentalists who do not care about job creation and making America stronger. Pennsylvania has fought back those forces and is benefitting in all sorts of ways.
When will New York Wake Up?!
Despite the opposition, it is impossible to ignore the tangible job creation that has appeared within Pennsylvania and other fracking states. Through shale exploration, landowners are making more money, and more people are accessing jobs every day. Results such as this for New York could help to revitalize an economy that is currently falling further towards ruin.
