Cox to NIBA: Cuomo has Done Nothing Meaningful

June 18, 2013

NYGOP Chair Assails Governor’s Failure to Address New York’s Taxes, Regulations, Business Climate


Contact: David Laska


NEW YORK CITY… NYGOP Chair Ed Cox today was the featured Guest Luncheon Speaker at the National Investment Banking Association conference.

An excerpt of his remarks is below:

“New York’s self-inflicted wounds of over-taxation and over-regulation have cost us 18 seats in Congress over the last 60 years — down from a high of 45 in 1952 to 27 now. We joined Ohio as the only two states to lose two seats from the 2010 census. New York has been and is continuing to lose jobs, productive citizens and businesses to more competitive states and countries.

“We’re a perfect case study for how Democratic politics can destroy a state’s business environment. Governor Andrew Cuomo has done nothing to meaningfully address state taxes, regulations or the crushing state mandates on local government, which are responsible for our devastating local property taxes.

“New York is one of just a few states that treat capital gains as ordinary income. That means the money earned on investments is then subjected to a punishing tax regime for high incomes – one that eliminates deductions and applies the highest rate to the entire, and not just marginal, income.

“The Governor pays lip service to growing our economy, but his so-called “reforms” are clever politics with little constructive substance — the latest being his “Tax-Free New York” program which, with his polls dropping Upstate, he announced only days before the issue packed end of the legislative session. While the program has political appeal, it is too limited in scope and too subject to political control and corruption to be effective.

“And New York businesses, and especially its financial and insurance businesses, have suffered under a series of three Democratic Attorney Generals — Spitzer, Cuomo and the present Schneiderman, who have scored political points with well-publicized but frivolous charges against businesses rather than using the powers of their office to clean up corruption in Albany. It is no coincidence that two of the three have become New York Governors (it is an axiom of politics that AG stands for “Aspiring Governor”) while the New York press and the U.S. Attorneys here are the ones ferreting out the numerous and mostly Democratic crooks in official Albany.”

Bazzo 06/18/13

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