SLATER: TAX DAY IS APPROACHING, HERE’S WHAT YOU NEED TO KNOW ABOUT NEW YORK’S GRIM FINANCIAL OUTLOOK

Assemblyman Matt Slater (R,C-Yorktown) at the Tax Day press conference on Tuesday, April 8, 2025.

Assemblyman Matt Slater (R,C-Yorktown) joined state lawmakers, financial experts and representatives from the American Legislative Exchange Council (ALEC) at a press conference today to address New York’s troubling economic climate ahead of Tax Day, April 15. The press conference, held in Albany, focused on the state’s perpetually poor performance in ALEC’s Rich States, Poor States competitiveness index.

According to the latest report, New York ranks last in the nation for economic outlook, holding the 50th spot. The state has consistently remained in either 49th or 50th place since 2008. This ranking factors in 15 key state policy variables, including tax rates, tax burden and debt service, among others. New York’s economic performance is also concerning, with the state ranking 31st in the nation. This measure evaluates the past decade of economic activity, looking at metrics such as gross domestic product, population outmigration and employment.

“We are truly in the eye of the storm,” said Slater. “State spending continues to outpace inflation, we rank dead last for business friendliness, and we are losing residents at an alarming rate because people can’t afford to live, work or start a business here. The 2024 Thumbtack Small Business Friendliness Survey gave New York an ‘F’ grade, and that’s no surprise considering we have more than 300,000 restrictions that are overburdening businesses in our state.”

“New York is the second most indebted state in the nation behind California,” Slater continued. “Yet, we continue to impose some of the highest taxes in the country. It feels like we’re trapped in an episode of The Twilight Zone, where we’ve somehow come to accept these deeply troubling trends as normal or acceptable. With Tax Day fast approaching, it serves as a stark reminder that our state’s financial situation is unsustainable. If you’re expected to spend responsibly and manage your finances with the best interests of your family in mind, the state should be held to the same standard.”

In response to New York’s ongoing financial struggles, the Assembly Minority Conference is introducing a New York First Agenda focused on government efficiency. This plan is designed to reorganize state government and reduce the cost burden on New York taxpayers.

“Our goal is simple,” said Slater. “For far too long, New York state has taken too much of your hard-earned money to spend on failed priorities with little oversight. Since Gov. Hochul assumed statewide office, spending has increased by more than $100 billion. This is unsustainable and creates an environment ripe for corruption. We need to take a long-overdue look at our state agencies, reduce the regulatory burden and restore the balance of power between the legislature and the governor’s office to create an efficient government for all New Yorkers.”

The New York First Agenda will include the following reforms:

• Reorganizing state government: Streamlining state operations and examining the current actions of the state bureaucracy to eliminate inefficiencies.

• State spending reforms: Controlling state spending, providing greater oversight and ensuring taxpayer dollars are spent wisely.

• Restoring checks and balances: Restoring the balance of power between the legislature and the governor’s office.

• Auditing failed priorities: Holding state entities accountable for how they manage taxpayer funds, ensuring programs meet their goals and objectives.