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New York's economic outlook is nan worst of immoderate different U.S. authorities owed to its precocious taxes and regulatory environment, according to caller data.
The American Legislative Exchange Council's (ALEC) yearly Rich States, Poor States: ALEC-Laffer State Economic Competitiveness Index, released this week, recovered New York classed dormant past for economical outlook for nan 11th twelvemonth successful a row.
The Manhattan skyline is seen astatine sunrise from nan 86th level observatory of nan Empire State Building connected April 3, 2021 successful New York City. The authorities of New York has nan worst economical outlook of immoderate different authorities successful nan U.S. according to ALEC's latest "R (Photo by ANGELA WEISS/AFP via Getty Images / Getty Images)
The report, co-authored by Reagan economist Dr. Arthur B. Laffer, economical argumentation master and FOX Business contributor Stephen Moore, and ALEC main economist Jonathan Williams, assessed each 50 states connected economical competitiveness.
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The study recovered New York classed 29th successful economical capacity past year, but it warned its policies could proceed to thrust residents and businesses retired of nan state, noting it has mislaid much than 2 cardinal residents to different states since 2012.
To find nan economical outlook ranking for states, nan economists looked astatine 15 argumentation variables considered to beryllium markers of financial stability, including individual and firm income tax rates, income taxation burdens, tort systems, minimum wages and indebtedness work arsenic a stock of taxation revenue.
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New York has nan highest apical individual and firm income taxation rates successful nan state and nan second-highest indebtedness work to taxation gross ratio. Those factors, mixed pinch its regulatory environment, its position arsenic a right-to-work state, its inheritance taxation and precocious workers' compensation costs, each helped push it to nan bottom.
"New York is nan cleanable illustration of a authorities that can’t get retired its ain way, acknowledgment to failed, taxation and walk attack to policymaking," said Williams. "In bid to reverse nan devastating inclination of outmigration of businesses and individuals, New York needs to clasp commonsense, pro-taxpayer argumentation reforms."
People locomotion extracurricular nan New York Stock Exchange connected July 25, 2022 successful New York City. ALEC's yearly study recovered New York classed 29th among each 50 states for economical capacity successful 2023, but dormant slightest for its economical outlook. ((Photo by Spencer Platt/Getty Images) / Getty Images)
Behind New York, Vermont came successful 49th successful nan study for its economical outlook, followed by No. 48 Illinois, No. 47 California and No. 46 New Jersey.
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At nan apical of nan list, Utah classed No. 1 successful economical outlook, followed by No. 2 Idaho, No. 3 Arizona, No. 4 North Carolina and Indiana came successful astatine No. 5.
