Does This Prove Taxes Are Too High In New York?

Ask anyone from New York what their #1 biggest complaint is about living in New York and almost everyone will give you the same answer.

The taxes are TOO HIGH

We all know that the cost of living in New York is high and the tax rate is one of the highest in the country but does this latest press release from the state prove that taxes are too high in New York?

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WHAT ARE TAXES?

Taxes are mandatory monetary contributions issued by local and federal governments to individuals or corporations

WHAT DO TAXES PAY FOR?

Taxes collected by local and federal governments are used to fund programs run by the government and to maintain infrastructure both locally and nationwide.

WHO PAYS TAXES?

Anyone making over $12,500 per year in income will pay income taxes on the federal level and it depends on the state level. Some states like New York have an income tax, others like Florida do not. Taxes are also collected in several different ways from property taxes to sales taxes.

WHAT IS THE TAX RATE IN NEW YORK STATE?

Depending on your income, New York State has different categories of tax rates. They range from 4% to 10%. New York State also has a 4% sales tax rate.

HOW MUCH TAX REVENUE DID NEW YORK MAKE LAST YEAR?

According to a report from the State's comptroller office, During the last fiscal year, New York State collected $111.7 billion dollars in tax revenue. Most of that is from income taxes.

WHY DO PEOPLE THINK NEW YORK'S TAX RATE IS TOO HIGH?

A new press release from New York State announced that the state collected over $2.9 billion dollars in tax revenue than they expected during the last fiscal year. That means the State underestimated how much tax money they would be getting. Based on that number, New York State residents paid over $2.9 billion dollars than they should of. That means the tax rate is too high.