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.
Tax Relief Courtesy of Hurricane Harvey
While Hurricane Harvey continues to devastate the Gulf Coast, Texans can expect to receive a little extra relief this upcoming tax year from Uncle Sam. Taxpayers in the federally declared disaster area have the option of claiming disaster-related casualty losses for either the year that the event occurred or the year prior. This means that…
Trade Secrets and How to Protect Them
Trade Secrets and How to Protect Them A trade secret is a type of intellectual property distinguished from three others, namely copyrights, trademarks, and patents. Advantages of a Trade Secret No time limit like patents and copyrights No requirement for public disclosure No requirement to file with the government Trade secrets bring value to the…
You Must Give Up These 5 Things to Be Debt Free
You Must Give Up These 5 Things to Be Debt Free No matter who you are, almost everyone carries some debt. According to some recent statistics from ValuePenguin.com, the total U.S. consumer debt is $3.4 trillion. Additionally, nearly 40 percent of all American households have some level of credit card debt, while the average household…
Give These New Hobbies a Try in 2017
Give These New Hobbies a Try in 2017 Are you looking for something new to try this year? You better get going because the year is practically half over. If you’re tired of all the old, run-of-the-mill hobbies and you want a new adventure to pass some time, then there are several options you should…