Good Businesses Respond to Facts, Not Ads (The Freeman)
Tuesday March 11th, 2014
“Move here, expand here, or start a new business here and pay no taxes for 10 years!” So goes the slick, nationally broadcast television ad on which New York state is spending a small fortune.
It sounds like an attractive offer, but the devil is in two big details the ads omit. One, when the 10 years are up, you’ll get socked with the highest tax burden among the 50 states. Two, taxes are just one of many reasons New York is too costly and unattractive to many entrepreneurs. It’s also home to high rates of unionization and a hostile regulatory environment. In the most recent study of state-by-state economic freedom from the Mercatus Center, New York places dead last. Georgia ranked a healthy ninth.