The American economy may be on the mend, but New York assemblyman Jonathan Bing worries that the Empire State might be far away from recovery. Bing told Crain’s New York Business that lower taxes will be needed to spur business formation and hiring for New York entrepreneurs.
According to Bing, New York state faces at least $7 billion in deficits this year; this means the tax reductions he thinks the startup business community needs might not come soon.
Bing thinks the proof of lowered taxes and increased startups can be seen from a legislative measure he oversaw that updated one antiquated tax law. The revisions to the outdated tax standards for makeup and size of insurance boards lowered one barrier to business formation with tangible results.
Now, Bing implores the state government to respond to the needs of the business community when deciding how to extinguish the deficit, as lowered startup taxes could help entrepreneurs and the overall state economy.
According to researchers for the Milken Institute, re-examining tax and regulatory limits on small business formation could be one of the best measures toward economic recovery.