Friday, July 22, 2011

Oh, the joys of living in New York!


New York
Taxes paid by residents as pct. of income: 12.1%
Total state and local taxes collected: $243.9 billion
Pct. of total taxes paid by residents: 71.4%
Pct. of total taxes paid by non-residents: 28.6%

New York places much of its tax burden on residents from other states. Consider, for example, the amount of state revenue derived from New York City tourism, or those who commute to the city for work. Despite this, state residents maintain the second largest tax burden in the country. The state has one of the highest state and local tax collections per capita, an average of $6,884. It has one of the highest combined averages local and state sales tax rates — 8.3%. The Big Apple also has a number of exceptionally high excise taxes, such as its $4.35 tax on each pack of cigarettes, the highest rate in the country. Additionally, the state has exceptionally high property tax rates. According to the Census Bureau, the top ten counties in the U.S. with the highest property taxes as a percentage of home values are all in New York.

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