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.
Seven Habits of Likeable Leaders
Seven Habits of Likeable Leaders What kind of leader are you? Your company is doing well and so are the teams and other executives that report to you. So of course, you’re a good leader. You know how to get things done and you do it. However, are you a likable leader? The business world…
The Food Bowl Has Hit the City of Angels
The Food Bowl Has Hit the City of Angels What do you get when you combine sunny weather, the thrilling vibe of Los Angeles, and lots and lots of food? The Food Bowl, of course. It’s not the Super Bowl, but you can get a super bowl, or plate, of food at this exciting new…
Don’t Overlook These Expenses When Planning Your Retirement
Don’t Overlook These Expenses When Planning Your Retirement Whether you are getting closer to retirement or not, most people look forward to the day when they no longer have to clock in and out every day, so to speak. Retirement can be a truly satisfying time, but for many people it turns into a nightmare…
Top Habits of the Highly Successful
Top Habits of the Highly Successful There is no one-way to become successful in business. People from all walks of life in all kinds of industries have managed to reach high net worth status through various measures and habits. Not every successful individual has the same personality and they don’t all follow the same path…