A report from the Citizens Budget Commission reveals that New York State has the highest tax burden per resident in the United States and ranks as the second-highest in spending. This analysis aligns with recent tax proposals from New York City Mayor Zohran Mamdani aimed at the city's wealthiest residents.
New York residents are taxed 22% more per capita than those in California, which is the second-highest state for taxes.
State and local taxes in New York are 71% higher than the national average.
New York collects the most personal income tax and corporate taxes per $1,000 of income and GDP, respectively.
In terms of spending, New York ranks the highest per capita in the contiguous U.S., being outspent only by Alaska. Its spending is 44% more than the national average.
Significant expenditures include Medicaid and public education, where New York spends about $34,000 per public school student.
The report suggests that the high tax burden, combined with the state's high cost of living, makes it challenging for New York to attract and retain residents and businesses.
It recommends that New York State reduce taxes while improving the quality and efficiency of services.
The report emphasizes that increasing taxes could make New York less competitive and attractive, driving up living and business costs even further.
https://thepostmillennial.com/new-york-taxes-highest-in-nation-comes-in-2nd-in-spending-report
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