The Daily Star, Oneonta, NY - otsego county news, delaware county news, oneonta news, oneonta sports

On the Bright Side

April 14, 2014

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

(Continued)

“I’m trying to make a difference at the federal level,” Gibson said.

RESIDENCY IS OPTIONAL; TAXES AREN’T

Legislators want New Yorkers to remain residents, Lopez said, but the high tax burden works against collective efforts to improve the economy.

Some may leave for warmer climates, Lopez said, but with the Internet and social media, it also isn’t hard for taxpayers to find out where the dollar has more spending power.

The census reported that New York lost a net 1.6 million residents to other states between 2000 and 2010, according to the independent Empire Center for Public Policy Inc.

States use nonresident collection of taxes to generate income, according to the Tax Foundation. However, the driving force behind a state’s long-term rise or fall in the tax burden rankings usually is internal and most often a result of policy choices regarding tax and spending levels or changes in state income levels.

Seward said the Tax Foundation’s ranking intensifies the awareness that New York isn’t going to be able to restore its economy by being the state with the highest tax burden.

“That’s a huge drag on the economy,” Seward said. “We’re going to continue to chip away at this.” 

Three State tax burdens in 2011 New York: 12.6 percent or $6,622 New Jersey: 12.3 percent or $6,675 Connecticut: 11.9 percent or $7,150

Text Only
On the Bright Side

Additional Content
Join the Debate
Helium
Additional Resources
CNHI News Service
Poll

Do you plan to attend the Baseball Hall of Fame Induction?

Yes
No
Not sure
     View Results