NY Losing Big Business as Taxes Soar

By MELISSA KLEIN

April 27, 2008 -- New York state's skyrocketing business taxes are taking a toll on its corporate dominance.

For the third time, New York has been trumped as the home to the most Fortune 500 companies.
Adding insult to injury, it was unseated by Texas, which can now boast of having fostered the country's most profitable companies, a Fortune list released last week shows.

California topped us in 2003, and Texas beat us by one firm in 2005.

"It doesn't take a corporate CEO to understand that with low business taxes and a zero-percent tax on individual income, Texas is a much more attractive place to locate than New York," said Scott Hodge, president of the Tax Foundation. the rest