WalletHub released a new ranking of all 50 states and the District of Columbia based on the burden they impose on different brackets of the income scale—not just through income excises, but levies on purchases and property, paid both to Albany and to localities. The site estimated what earners of $25,000, $50,000 and $150,000 would pay in each location.
New York extracts the most of any state or Washington, D.C., from the latter two categories, taking 12.70% and 12.40% of their income, respectively. WalletHub found it wrings 11.61% of the $25,000-earner’s pay, making it the sixth costliest nationwide.
He also asserted that the study overlooks how corporate taxes have failed to keep pace with the state’s economy. This, Parrott claimed, deprives governments of money that could be used to defray the low-income tax burden.
© 2019 Crain’s New York Business