Last week, the Tax Policy Center held an event called “Measuring the Distribution of Federal Spending and Taxes.” At this event, Gerald Prante presented his findings from the Tax Foundation study called “A Distributional...
The facts on New York’s Tax Climate
8.82%Individual Income TaxTop rate
7.1%Corporate Income TaxFlat rate
$2280Property Tax CollectionsPer Capita
New York's Individual Income Tax System
New York's personal income tax system consists of eight brackets and a top rate of 8.82%. That rate ranks 7th highest among states levying an individual income tax. New York's income tax collections per person were $2196 in 2010 which ranked highest nationally.
50-State Table of Individual Income Tax Rates
50-State Table of State Individual Income Tax Collections
50-State Table of State and Local Individual Income Tax Collections Per Capita
New York's Corporate Income Tax System
New York's corporate income tax system consists of a flat rate of 7.1%. That rate ranks 23rd highest among states levying an corporate income tax. New York's corporate tax collections per person were $469 in 2010 which ranked 2nd highest nationally.
50-State Table of Corporate Income Tax Rates
50-State Table of State and Local Corporate Income Tax Collections Per Capita
50-State Table of State Corporate Income Tax Collections Per Capita
New York Sales and Excise Taxes
New York levies a 4% general sales or use tax on consumers, which is below the national median of 6%. The average local sales tax rate is an additional 4.48%. New York's state and local governments collect $1146 per person in general sales taxes and $637 per person in excise taxes, for a combined figure of $1783, which ranks 6th highest nationally. New York's gasoline tax stands at 50.6¢ (highest nationally), while its cigarette tax stands at $4.35 (highest nationally.)
50-State Table of State and Local General and Selective Sales Tax Collections Per Capita
New York Property Tax Collections Relatively High
New York's state and local governments collected approximately $2280 per person in property taxes, which ranks 5th highest nationally.
State and local property tax collections per capita by state
Tax Freedom Day Arrives on May 6th in New York
Tax Freedom Day is the day when Americans finally have earned enough money to pay off their total tax bill for the year. In 2013, New York taxpayers worked until May 6th (2nd latest nationally) to pay their total tax bill. The Tax Freedom Days of neighboring states are: Pennsylvania, April 17th (ranked 15th latest nationally); New Jersey, May 4th (ranked 3rd latest nationally); Connecticut, May 13th (ranked latest nationally); and Vermont, April 14th (ranked 25th latest nationally).
New York's State and Local Tax Burden Highest in Nation
New York's 2010 tax burden of 12.77% ranks highest out of 50 states, and is above the national average of 9.9%. New York's taxpayers pay $6375 per capita in state and local taxes.
New York's State-Local Tax Burden, 1977-Present
Other States' State/Local Tax Burdens
Map of U.S. Showing all State's Burdens and Ranks
Historical Chart Comparing All States' State/Local Tax Burdens from 1977 to 2009
New York's 2014 Business Tax Climate Index Ranks 50
New York ranks 50th in the Tax Foundation's State Business Tax Climate Index. The Index compares the states in five areas of taxation that impact business: corporate taxes, individual income taxes, sales taxes, unemployment insurance taxes, and taxes on property, including residential and commercial property. The ranks of neighboring states are as follows: Pennsylvania, 24th, New Jersey, 49th, Connecticut, 42nd, and Vermont, 45th.
50-State Comparison of Business Tax Climates (data only) (2013)
2014 State Business Tax Climate Index (full study)
New York Info
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