And even with all this money in the form of taxes, New York still manages to carry the highest amount of state and local debt per capita: $16,364 worth of debt for every person. Perhaps this is because so many of our tax dollars have to be given away as incentives for companies to locate in New York. In a sort of self-fulfilling prophecy, companies are invited to locate here through state or local tax breaks, leaving the infrastructure and support services they consume to be paid for by residents.
Sadly, the shift away from the status quo cannot be realized through a quick fix or minor adjustment. It has to be a fundamental paradigm shift in the way our government and people do things. Some might say it is impossible in New York, that ultra-high taxes are just the way of things in this state.
We don’t think that’s the case. But the solution will start with an informed and involved constituency that is willing to face this problem instead of simply shrugging and saying, “It’s New York. What do you expect?”
To put it simply: Better.