Business in New York Being Buried by Heavy Tax Load
New York, New York: It’s the town so nice they named it twice. But when it comes to taxes in one of the world’s greatest states, things aren’t so nice. That’s because New York is one of the worst places to live if you don’t want to pay a lot of taxes.
New York has some of the highest tax rates on income, whether it’s personal or business, in the country. The high taxes don’t stop there, either. New York also has some of the highest property taxes, as well. In fact, according to the Tax Foundation New York has the nation’s highest tax burden and the second highest all-in top tax income.
The bad news doesn’t stop there for New Yorkers, as the state is also has the highest local and state corporate tax rate in the country, as well as the country’s seventh highest property tax figure. New York also has the fifth highest workers’ compensation cost and to top it all off New York even gets you in the afterlife with its death tax.
The effects of these taxes are notable. Thanks to its never-ending tax burden, New York has lost more money in income from people and businesses moving out of the state than any other state in America. The numbers are staggering. Between 1993 and 2010, New York lost more than $67 billion in yearly income to other states, along with more than a million taxpayers over that same time period.
The bottom line, if you live, work or own a business in New York, then you won’t be getting any favors at tax time.
Could the Wealthy Still Pay Obamacare Tax After Trump Plan Replacement?
Could the Wealthy Still Pay Obamacare Tax After Trump Plan Replacement? It’s now June and the fight over the nation’s healthcare bill is still ongoing. It’s not that lawmakers aren’t trying to get something done that would ultimately replace Obamacare, but as with most things in Washington, it’s a slow-moving process. The House’s first attempt…
New Health Care Plan Could Be a Huge Boost to the Wealthy
New Health Care Plan Could Be a Huge Boost to the Wealthy Out with the old and in with the new. You might say that has been the calling card of the new presidential administration since Donald Trump took office. From immigration reform to healthcare, and from tax reform to federal government budget cuts, the…
What Type of Person Should Every Business Leader Hire?
What Type of Person Should Every Business Leader Hire? As a business leader you have a lot of responsibilities. In fact, depending on your exact position in the company you work for, you might be the one responsible for all the major decisions that have to be made. As an effective and successful leader, you…
Can You Get a Worthwhile Education at an Affordable Price?
Can You Get a Worthwhile Education at an Affordable Price? It’s no secret that getting a college education is expensive. While some students are fortunate enough to earn a scholarship, most students have to find other means to pay for their schooling. Tuition alone is a significant commitment, not to mention all the other expenses…