Financial hell: the tax burden has increased again in New York
New York State has become a tax hell for many.
Фото: Depositphotos
All due to the fact that this year the state again became the most burdensome in terms of tax burden among all US regions, writes New York Postreferring to the new study.
In order to demonstrate the draconian burden that New Yorkers must bear, the Tax Foundation in its new study found that Freedom Day will come here the very last of all the states - May 3. This is almost three weeks later than the national average of April 16.
On the subject: What taxes do you pay from your salary in the USA
Freedom Day is the number of working days it takes the average American each year to earn enough money to pay their tax bill. That is, it is the day when Americans stop working for the government and start earning for themselves. There are several reasons why New Yorkers are the last to achieve “tax freedom.”
“The tax burden in New York is incredible,” said Garrett Watson, special projects manager at the Tax Foundation.
This is partly due to high local taxes combined with state taxes and the influence of federal policies.
The average tax burden in New York State per capita is $ 8 957, compared to $ 4 946 in the rest of the country, according to a study by the State Business Tax Climate Index.
On the subject: Find out how much tax you pay for 2019 year: new numbers from the Internal Revenue Service
In addition, many New Yorkers also have to pay more federal taxes due to the new tax code.
“It creates a vicious cycle,” Watson said.
Governor Cuomo, Mayor de Blasio, State Assembly Speaker Karl Hysti and Senate Finance Committee Chairman Liz Kruger declined to comment.
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