October 30, 2009

New Yorkers Moving to Escape High Taxes

A story in the New York Post this week points out how New Yorkers, faced with a ridiculously high tax rate, are fleeing the Empire State in favor of locales with lower taxes.

The article states, "More than 1.5 million state residents left for other parts of the United States from 2000 to 2008, according to the report from the Empire Center for New York State Policy. It was the biggest out-of-state migration in the country. The vast majority of the migrants, 1.1 million, were former residents of New York City - meaning one out of seven city taxpayers moved out. ... It all adds up to staggering loss in taxable income. During 2006-2007, the 'migration flow' out of New York to other states amounted to a loss of $4.3 billion."

Imagine the disastrous effect losing $4.3 billion in tax revenues will have on New York, which already is faced with soaring budget deficits stemming from years of poor spending policies.

This story shows us the importance of keeping taxes low in order to keep the economy growing. In Oklahoma, we have steadily reduced our state income tax burden. It's important we don't' reverse that trend by enacting the kind of job-killing tax increases that are being considering on a national level and in a number of states.

We know we are blessed to live in a great state with friendly people and boundless natural resources. Our cost of living is low, especially compared to a place like New York, and you can't beat the quality of life here.

As more businesses and jobs leave New York, and other high-tax cities and states, the are going to move somewhere. That's why as governor, I'll work tirelessly to make sure that place is Oklahoma!

By enacting smart fiscal and tax policies and by continuing to build and educate our workforce, we can become a magnet for businesses leaving high-tax areas which will create more and better jobs here in Oklahoma!