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.
Disruptive Business Education | Manoj Fernando
About Manoj Fernando Through his global work experience, including six Silicon Valley startups, Manoj has learned much about business and entrepreneurship — often the hard way. When he had the opportunity to teach Executive MBA students he realized he was lacking in real-life business education. In particular, the relevant basic building blocks of Silicon Valley’s…
Factors of Success | Leigh Perkins
About Leigh Perkins Hunting big game in India, Morocco, and Scotland, Orvis Chairman Leigh Perkins has dedicated his life to outdoor sporting pursuits. His passion extends well beyond mere participation, however; Perkins has been one of the sporting life’s great ambassadors, sharing his passion with everyone within reach, from working people to presidents. Under Perkins’…
Finding Success Through Mutual Commitment | Ken Blanchard
About Ken Blanchard An American author and management expert. His book The One Minute Manager has sold over 13 million copies and has been translated into 37 languages. He has coauthored over 30 other best-selling books, including Raving Fans: A Revolutionary Approach To Customer Service, Leadership and the One Minute Manager: Increasing Effectiveness Through Situational…
The Nonprofit Arena | Sherry Higgs
About Sherry Higgs In February 2010, at age 43, Sherry Higgs was diagnosed with a rare, and potentially life threatening breast cancer called IBC or Inflammatory Breast Cancer. Prior to her diagnosis, Sherry worked for 15 years at a Fortune 500 company as a successful Account Executive. She worked with various sized companies implementing full…