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On the Bright Side

April 14, 2014

Study: New York is No. 1 -- in taxes

(Continued)

National Tax Freedom Day falls on April 21, three days later than last year because of the continuing economic recovery, the Tax Foundation recently reported.

Wyoming, where residents paid 6.9 percent of their income, had the lowest state-local tax burden rate, according to the foundation. The study is based on many taxes that state and local governments collect, including property taxes.

New York has company at the top. New Jersey had a tax burden of 12.3 percent in 2011, and in Connecticut, the rate was 11.9 percent.

Gallup Politics recently reported that more than 75 percent of residents surveyed in each of those three states said the amount they pay in state taxes is “too high.”

Last year, at least 600 interviews were conducted with residents aged 18 and older in each of the 50 states. On average, 50 percent of residents across all states say their taxes are too high, Gallup said.

While taxpayers face the same federal income tax woes, Gallup said, those in states where the majority of residents consider their state’s taxes too high may be more distressed at this time of year than others elsewhere.

POLITICIANS SEE RELIEF IN STATE BUDGET

New York lawmakers approved a 2014-15 budget that holds spending growth by 2 percent for a fourth consecutive year and has $1.5 billion in property tax cuts to help homeowners and encourage local governments to increase efficiencies.

Gov. Andrew Cuomo in his State of the State Address said as a result of fiscal reforms from the last three years, New York is is poised to shift from a $10 billion deficit when he took office to a $2 billion surplus by 2016-17.

Rather than spend this projected revenue, Cuomo proposed to cut taxes, including estate taxes, which have been an incentive for elderly New Yorkers to move out of state.

The 2014-15 state budget cuts taxes for manufacturers, the governor’s office said, and the accelerated end of a utility surcharge assessed on all customers will save businesses and residents $600 million during the next three years.

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