The small business climate in our state is atrocious. Small businesses have historically accounted for 51% of our state’s total jobs (Small Business Advocacy). Unemployment in our state is at a staggering 9.1%, the highest in history, and 10% in the city (Bureau of Labor Statistics). It is thus no wonder that our state is ranked the 49th friendliest for businesses (The Tax Foundation). Parts of our district have received failing grades from the Business Council of New York State and the New York National Federation of Independent Business (Project Vote Smart). There has yet to be any serious compensation for small businesses that implement regulations.
Because small businesses are not being reimbursed for these regulations; middle and lower class New Yorkers are hurting as a result. While we all struggle to meet a budget, a recent vote against reforming state employee pensions (S6735)-essentially indicating that we should all be subject to a higher cost of living and smaller pensions. As your State Senator, I will institute the following measures to fix what the two party systems have broken:
* Reduce fees and regulations on small businesses. Furthermore, all penalties should be on a sliding scale, as penalties are supposed to help protect the public by halting dangerous business practices. Having the same fine for a small business and a large corporation only hurts the small business, but does nothing to curb the behavior of the larger corporation.
* Reduce New York’s business tax rate of 7.1%, one of the highest in the nation on small business (Federation of Tax Administration). Given this crippling tax rate and new regulations that small businesses are not being reimbursed for, it is no wonder that most New Yorkers are having increasing difficulty finding jobs.
* Institute a new tax credit for small businesses that offer their employees fair sick days and pension plans.