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.
So-Called Temporary Recession Tax Not So Temporary
Remember the great recession of 2009? Although the recession may now be a thing of the past, some so-called “temporary” taxes are having a harder time fading into the background. That’s because many states throughout the country are still collecting on tax bills that were enacted solely for the purpose of refilling public reserves. Fourteen…
Congress Not Looking to Pass Internet Sales Tax Anytime Soon
Ever since the Internet became a worldwide sensation, there have been those who think it should be taxed, especially Internet sales from state to state. Taxing the Internet would be a huge source of extra revenue for the government, but for those who use the Internet to shop (which is just about everyone these days),…
NBA Stars Losing Hefty Amounts of Their Salary to the Taxman
Just about everyone knows that professional athletes make a ton of money. Whether you agree with athlete salaries or not, the fact is those hefty numbers you always see reported when an athlete signs a new deal aren’t really all that they’re cut out to be. Oh sure, they are making a lot of money,…
Successful Investing With Taxes in Mind
There are many ways to earn money, but no matter how you get your income the IRS wants its piece of the pie. That includes any gains you make from your investments when you sell them. Although everyone does have to pay tax on their gains, you shouldn’t give the IRS any more than what…