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During my university coursework, I worked on a project which compared the cost of living and running a proprietorship in NYS vs 10 randomly selected States. While NYS tended to have certain higher taxes it tended to have fewer and lower non-tax expenses when NYC and the NYC Metro area is excluded (since most states don't have a NYC equivalent metro area). Therefore, be aware 'taxes' don't tell the whole story.
Last edited by James1202; 07-02-2012 at 05:12 AM..
Reason: sp.
I hear you! I'm currently being "fee'd" to death in my state - both business and personal.....along with high taxes and that's why we're at the bottom of economic development!
During my university coursework, I worked on a project which compared the cost of living and running a proprietorship in NYS vs 10 randomly selected States. While NYS tended to have certain higher taxes it tended to have fewer and lower non-tax expenses when NYC and the NYC Metro area is excluded (since most states don't have a NYC equivalent metro area). Therefore, be aware 'taxes' don't tell the whole story.
"be aware 'taxes' don't tell the whole story."
Of course it doesn't. First they're comparing the Whole New York State. Second if you broke it down to NYC or L.I. different story altogether. It's cheaper running a business in the Finger Lakes region than Manhattan or Westchester or the Island. You also have to figure in a lot more costs than taxes ( electric,gas, business and casualty insurance, rent per square foot, employee benefits, workers comp premium, group insurance, hauling of waste, FFE, hourly salaries, licenses fees, etc) to name a few. NY has the highest rates, add the high tax rate and the high cost of living.... I don't see your point?
For full disclosure..I never took a university course on this subject but are partners with a guy with 37 years of business experience of which 31 of said years were in NY. Overall it was 40% less to start and maintain the same business here compared to Nassau.
I hear you! I'm currently being "fee'd" to death in my state - both business and personal.....along with high taxes and that's why we're at the bottom of economic development!
My hometown lost a lot of factory jobs, in the 70's, to the Southern states with low taxes and cheaper (non-union) labour. Some of the managers (whom relocated South to keep their job) returned years later and often spoke about underfunded school districts, lack of infrastructure maintenance/development, numerous fees that don't exist or are lower in NYS, as well as, a very low work ethic compared to what they knew in NYS.
Of course it doesn't. First they're comparing the Whole New York State. Second if you broke it down to NYC or L.I. different story altogether. It's cheaper running a business in the Finger Lakes region than Manhattan or Westchester or the Island. You also have to figure in a lot more costs than taxes ( electric,gas, business and casualty insurance, rent per square foot, employee benefits, workers comp premium, group insurance, hauling of waste, FFE, hourly salaries, licenses fees, etc) to name a few. NY has the highest rates, add the high tax rate and the high cost of living.... I don't see your point?
For full disclosure..I never took a university course on this subject but are partners with a guy with 37 years of business experience of which 31 of said years were in NY. Overall it was 40% less to start and maintain the same business here compared to Nassau.
Thank you for explaining, in greater detail, much of my point. Much appreciated.
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